After a false alarm Tuesday, the S&P 500 finally closed above its 200-day moving average (DMA) on Wednesday for the first time since 2/27.
At 57 trading days, the just-ended streak of closes below the 200-DMA was the longest streak since the 61-day stretch ending in October 2011. But while this was the longest streak below the 200-DMA for the S&P 500 in over eight years, from a longer-term perspective, it looks almost minuscule. In May 2009, the S&P 500 ended a streak of 358 trading days below its 200-DMA, and there have been a total of nine streaks that spanned more than 200 trading days. In terms of 50-trading day streaks below the 200-DMA, there have now been a total of 34.
In a just-released report, we looked at the S&P 500’s performance following similar upside breaks of the 200-DMA. For anyone interested, sign up for a monthly Bespoke Premium membership now!