It's been 27 trading days since we hit a new high on the S&P 500. The last time we went this long was…exactly this time last year. New highs happened on Sept 2nd, both years, before a pause. Weird. pic.twitter.com/aZu9jdcRxM
— Liz Young (@LizYoungStrat) October 12, 2021
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.