Wednesday, September 16, 2009

S&P 500 More Than 20% Above Its 200-DMA; First Time Since 5/83

From Bespoke Investment Group:

ln what has been an almost unprecedented move, the S&P 500 closed more than 20% above its 200-day moving average today for the first time since May 1983. This comes just six months after the index traded the furthest below its 200-day since the Great Depression! Not even during the great bull run of the 90s did the index get this far above its 200-DMA. This has happened only a handful of times in the history of the S&P 500, and we just released a report to Premium subscribers highlighting how the market has historically performed going forward when the 20% mark has been eclipsed in the past.