S&P 500’s New Record High Forms a Pattern That’s Only Happened 3 Times Before

The S&P 500 closed at a record high this week, its first in two months. BTIG data cited by investor Michael Burry shows the four-day rally behind it has only happened three times before.

Two of those three prior instances landed right around the dot-com bubble's 2000 peak. That timing has caught traders' attention this week.

A Rare Pattern for the S&P 500

The S&P 500 gained 1.79% Tuesday to close at 7,736.52, its highest level since June. Strong earnings and easing Middle East tensions drove the move. Wednesday brought a mixed follow-through. The S&P 500 and Dow both touched fresh intraday records in early trading before the mood shifted.

The Dow closed at a record for a fifth straight session, adding 263 points to reach 54,349. The S&P 500, however, slipped 0.17% to 7,723.55, snapping its four-day win streak.

That record capped a four-day, 5% surge, a move BTIG's Jonathan Krinsky tracked in his own research. Burry credited Krinsky directly while sharing the data.

… Continue reading the full article at the original source below.