Stocks just posted their best 50-day rally in history, LPL Financial's Ryan Detrick said on Thursday.is up 40% from its March 23 low, easily surpassing previous swift rallies, and marking the best rally since the S&P 500 moved to 500 stocks in 1957, according to Detrick.
The recent rally in stocks also surpassed the previous 50-day market record, which happened in October 1982, when the S&P 500 soared 35.6% in 50-days. Detrick observed that strong 50-day rallies have often preceded the start of new bull markets, and ensuing six-month and 12-month returns have been strong."Big 50-day rallies in the past have taken place near the start of new bull markets, and the returns going out a year were quite bullish," Detrick said.Looking six months out after strong 50-day rallies, the S&P 500 was positive 100% of the time and on average returned 10.2%.
Looking 12 months out after strong 50-day rallies, the S&P 500 was positive 100% of the time and on average returned 17.3%. While Detrick remained cautious on stocks in the near term due to elevated sentiment indicators like the put-call ratio, he did conclude that the strong 50-day rally gives reason to expect stocks to be higher one year from now.JPMorgan recentlyAnd Stifel, which correctly called the mid-March low in stocks, said it expects the S&P 500 to
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