Today’s Chart of the Day was shared by Liz Young (@LizYoungStrat). Liz points out that the last time the S&P 500 closed at an all-time high was on September 2nd, which was 27 trading days ago. This is the longest streak since last year when something very similar happened. The S&P 500 peaked on September 2nd, 2020, and went 51 trading days without an all-time high. That streak ended on November 13th, 2020. From there, the S&P 500 went on to rally nearly 5% until the end of the year. We all know that September through mid-October tends to be a challenging period for the S&P 500, but it's still surprising to see history repeat so exactly. As of today's close, we're still more than 4% below an all-time high, so the current streak will likely continue. But, the good news is that seasonality flips from bearish to bullish in the back half of October.
Chart of the Day - Tuesday, October 12th, 2021
October 12, 2021
