Today’s Chart of the Day was shared by Michael Batnick (@michaelbatnick). Today marked a noteworthy milestone for the bulls. As Michael points out, the S&P 500 has officially doubled from the pandemic low on March 23rd, 2020. At that point, the S&P 500 had dropped more than 33% in just 23 trading days, marking one of the sharpest sell-offs in the history of the index. It has taken about 68 weeks for the S&P 500 to double this time around. For comparison's sake, it took more than 110 weeks for the S&P 500 to double from the 2009 low, and more than 245 weeks for it to double from the 2002 low. To be clear, this is really just a noteworthy milestone, rather than anything predictive. But, for what it's worth, the S&P 500 stalled out in both 2007 and 2011 shortly after gaining 100% from their respective lows. For a trip down memory lane, check out the Daily Chart Report from the low, 100% ago.
Chart of the Day - Monday, July 12th, 2021
July 12, 2021
