SPX not at an extreme

I’m re-visiting my notes written in October 2021 and late December 2021, when the S&P 500 was reacquainting itself with historically high percentages it was trading above its 200 week moving average.

In the chart below, the S&P 500 isn’t touching those ‘extreme’s anymore.

This is a function of the mean ‘rolling higher’ and a healthy decline in the index.

Incidentally, since mid October 2021, that 200 week moving average has moved from 3,210 to its current reading of 3,500.

The S&P 500 is now ‘only’ 17% above that very long term mean, as seen in the chart below.

June 6, 2022

by Rob Zdravevski

rob@karriasset.com.au

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