Today’s Chart of the Day was shared by Michael Turvey (@MikeTurvey_TDA). The S&P 500 ended the week on a positive note, closing at an all-time high for the 48th time this year. The calls for a correction are growing increasingly louder. We haven't had a pullback of 5% or more all year (the normal year sees about 3). Also, we haven't had a correction of 10% or more (on a closing basis) since this bull market began over a year ago. Breadth stinks, momentum is diverging, seasonality is a headwind, and yet the S&P 500 continues its relentless grind higher. As Michael says, nobody knows when the music will stop. But one thing is for sure - sticking with the trend has paid well, and the uptrend remains fully intact for now.
Chart of the Day - Friday, August 13th, 2021
August 13, 2021
