S&P 500 Stocks Surge in 2024 with Record Low -1.7% Drawdowns and High Moving Averages, 97 Straight Trading Days
The S&P 500 has seen significant positive trends in 2024, with over 70% of its stocks making gains. The index has had a maximum drawdown of -1.7%, the smallest in history. Around 80% of S&P 500 stocks are above their moving averages, and many are in new high cycles. The index has had over 100 trading days without a greater than 2% drop and has been positive for 97 straight trading days. It has also recorded impressive gains without significant drawdowns.
Sources
Bob Elliott
Equity market strength has been pretty broad-based in the last couple months, now with 85% of S&P500 stocks above their 200d moving average. https://t.co/Ip24jjRnuV
Eddy Elfenbein Through Thursday, the S&P 500 gained 27.6% in five months. But what's remarkable is that over that span, the index never had a drawdown of more than 2%, based on daily closes.
Daily Chartbook "It’s been over a decade since the S&P 500 last recorded back-to-back quarterly gains of 10%+. It had only happened a total of seven previous times going back to 1950. None of the previous instances has led to protracted weakness." @WillieDelwiche @HiMountResearch https://t.co/3aFmMnDNHR