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“We must walk consciously only part way toward our goal, and then leap in the dark to our success.” – Henry David Thoreau

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

When looking at the market’s longer-term trend, we like to use a chart of the S&P 500’s 200-day moving average on its own with the daily price changes removed from the chart completely in order to eliminate the day-to-day noise and smooth the trend out.  What’s notable here is that the S&P’s 200-day just recently took out its prior all-time high made in early 2022, ending a streak of 460 trading days without a new all-time high for the 200-DMA.  While the S&P made a new all-time high on its daily price chart back in January, a new all-time high for the smoothed out 200-DMA is yet another confirmation of the current bull that has been legging higher for the last month or so.

For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.