Today’s Chart of the Day was shared by Dan Russo (@DanRusso_CMT). The 200-day moving average has been falling for 104 consecutive days now, and the S&P 500 has been trading below it for 114 consecutive days. Both of these streaks are the longest since 2008, and they're not going to end anytime soon. The S&P 500 would have to rally more than 10% to reclaim its 200-DMA and it would have to spend a few weeks above it before the slope flips positive. It's fair to say the S&P 500 hasn't been this technically damaged since The Great Financial Crisis, and it's going to take some time before the trend is repaired.
Chart of the Day - Wednesday, September 21st, 2022
September 21, 2022
