From a TA perspective, this is about as good as you could hope if you're long stocks. The market was up 2.5% from last weeks close, with a very strong move back above the 50-Day SMA last Tuesday. This is important because this moving average had proven to be a line of resistance the previous week. We've managed to stay above the 50-Day SMA since and the continuation of this uptrend should hearten us all. One factor in the back of the mind of most market technicians is that September is traditionally the weakest month for returns. But this has been a resilient market. With inflation beginning getting under control and further interest rate tightening beginning to abate, an uptrend bias remains intact.
From a bear market recovery perspective, we only need a further 6.7% gain to regain our all time highs.
Compared to previous bear markets, our recovery is still tracking closely to the 1987 bear market recovery. Let's do this !