Our friend Eddy Elfenbein reached out to us on Twitter this morning (@bespokeinvest) after pointing out that we haven’t seen back-to-back up days for the S&P 500 since the close on February 17th.
Amazing Stat: The S&P 500 hasn’t had back-to-back gains since Feb 13-17. That’s a 27 straight days, longest such streak in over 20 years.
— Eddy Elfenbein (@EddyElfenbein) March 27, 2015
After taking into account the fact that the S&P 500 won’t make back-to-back gains today (we didn’t have an up day yesterday) we’re now at a 28 day streak without gains on consecutive trading days. It turns out that this is incredibly rare: it has only happened twice since World War 2! Below we show the previous two instances, alongside a chart of the S&P 500 on a log scale. Thanks to Eddy for pointing out the streak to us! Interested in seeing what market returns were like following these types of streaks? Bespoke Newsletter, Premium, and Institutional clients will all receive a look tonight in The Bespoke Report, our weekly recap of the markets, the economy, and the outlook for the week ahead. Click the button at the bottom of this post to subscribe and receive our current “End of Winter” special offer.