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The Dow Jones Industrial Average and the S&P 500 Index have recently achieved record highs, while the Russell 2000 and Nasdaq Composite Index have lagged behind. The Russell 2000 remains approximately 9% below its all-time high from November 2021. Despite this, the equal-weighted S&P 500 and the Russell 2000 have shown positive price momentum, with their 252-day rate of changes cycling from below -15% to above 25%. This indicates a sustainable long-term uptrend. Although investor enthusiasm remains muted, historical data suggests that this is not necessarily indicative of a bull market top. The S&P 500 Index has shown relentless strength in recent months during almost all of 2024.
The S&P 500 Index has shown relentless strength in recent months and during almost all of 2024. This is causing some investors to be wary. However, @jaykaeppel points out in a recent piece that history suggests a different lesson. https://t.co/3QUVVdDeG8
"Most indexes near all-time highs, yet investor enthusiasm remains muted. Does NOT mean we can’t get a meaningful pullback. BUT does suggest that we are not at a bull market top." @jaykaeppel https://t.co/HJYhKF6gOa
The equal-weighted S&P 500 and the Russell 2000 saw their respective 252-day rate of changes cycle from below -15% to above 25%, indicating positive price momentum typically associated with sustainable long-term uptrends. https://t.co/apzTVVtJHh
