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Recent Rally Nice, but We’ve Been Here Before
The recent rally has been impressive. But the charts show that starting in late November 2008, the market (S&P 500) moved up 27% over 28 trading days. That followed a three-week 26% decline and preceded a two month 29% decline. This move is now showing about a 26% gain in four weeks.
The gains, and losses, in the Value Line Index have been even more impressive.
The optimism grows stronger with each passing day, but investors should wait for the market to confirm a breakout before rushing in. Waiting for RSI to decisively trade above 60 on a weekly chart would be one sign of a new bull market.
Disclosure: No positions