A key U.S. stock index has remained above its 20-day moving average, underscoring the market’s resilience.
Japan is also in focus Wednesday after reaching a tentative trade agreement with the U.S., while speculation swirls over whether its prime minister will soon depart.
The tariff news has fueled optimism heading into the Aug. 1 deadline — a date even President Donald Trump and Treasury Secretary Scott Bessent suggest is flexible.
Carson Group’s chief market strategist, Ryan Detrick, points out a striking milestone: The S&P 500 (SPX) has now closed above its 20-day moving average for 60 straight sessions.
Aside from a brief scare on June 20, the streak has remained unbroken. Historically, runs this long have occurred only four times since 1950, with average gains of 20% to 26% in the year that followed.
Detrick’s analysis shows eight similar streaks overall, but this marks the first instance in the 21st century. While one exception in 1965 saw the market decline a year later, the typical outcome was a median gain of 10.4% and an average gain of 9.2%.
“This is yet another clue this bull market still has legs,” Detrick said.
Some analysts caution, however, that such strength could also signal overheating — a pattern recently noted in the Nasdaq-100 as well.