Excerpt from Yahoo Finance quoting DataTrek’s Nick Colas:
…. “Throughout the year, DataTrek Research co-founder Nicholas Colas has been tracking the 2020 S&P 500 trading action and comparing it to the stages of the 2008 sell-off and the 2009 market recovery from the financial crisis.
Much of the 2020 bounce off the March lows was in-line with how the market recovered in 2009, but Colas said Thursday that the S&P 500 seems to have gotten ahead of itself at this point.
As of Wednesday’s close, the S&P 500 is up 41.5% off the March lows on day 75 of the 2020 rally. At this point in 2009, the S&P 500 was up just 32.3% from its lows.
Colas said the S&P has attempted to break out ahead of its 2009 recovery pace twice already in 2020 in late March and in early June, and it quickly regressed both times.
Read the full article here on Yahoo Finance!