Chart of the Day - Friday, December 29, 2023

Today's Chart of the Day was shared by TrendSpider (@TrendSpider). Another year is in the books! The S&P 500 gained more than 24% in 2023, recovering nearly all of its losses from 2022. It almost reached all-time highs today but closed just 0.56% below. This marks the first year in over a decade without an all-time high on a daily closing basis. However, TrendSpider points out that the index did achieve all-time highs on a monthly closing basis today. Monthly record highs typically precede weekly and daily record highs. As we focus on 2024, the S&P 500 looks poised to resume its long-term uptrend after two years without progress.  It has built a solid base to launch higher from, and you know what they say about big bases... "The bigger the base, the higher in space!