Chart of the Day - Tuesday, October 24, 2023

By Patrick Dunuwila

October 24, 2023

The S&P 500 has had 0 record highs this year. In fact, it's been 659 days since a new high was recorded. The table below shows that when there have been 0 record highs in a year, the following year's returns have been good, up +13.1%. When there have been >35 record highs in a… pic.twitter.com/CHkadK9bBG
— Day Hagan Asset Management (@DayHagan_Invest) October 24, 2023

Today’s Chart of the Day was shared by Day Hagan/Ned Davis Research (@DayHagan_Invest). The S&P 500 peaked on the first trading day of 2022 and hasn’t made a record high since. That’s 21 months, or 660 days, without an all-time high -- the longest streak in a decade. According to the data table, this drought in record highs could bode well for 2024. Years with zero record highs have historically seen a median gain of +13.1% the following year, while years with >35 record highs have seen a median gain of just +5.8%.

Filed Under:

$SPX,

TCR Chart of the Day,

$SPY,

Ned Davis Research,

NDR

Patrick Dunuwila

Editor, The Chart Report

Patrick Dunuwila is the Co-Founder and Editor of The Chart Report, a popular technical analysis newsletter read by thousands of investors worldwide every day. Patrick is a Chartered Market Technician (CMT) with over a decade of market experience. Prior to launching The Chart Report, he worked as a proprietary trader at Benchmarq Technologies in New York City. He's originally from Syracuse, NY, and currently resides in San Diego, CA.

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