We have gone 46 days without a 1% move in the S&P 500. That is, 46 days without a 1% move up or a 1% move down.
If the S&P 500 doesn’t break this streak today, it will tie for the second-longest streak since 1993.
The current streak is already the longest since 1995.
This is Wall Street in the dark.
As we noted yesterday, Friday and Monday saw two of the tightest daily trading ranges in the last 20 years.
The above streak numbers come to us courtesy of Rich Kleinbauer of RMK Research & Markets, who notes that the only two streaks longer than the current run came during the early 1990s bull market.
In that market, the S&P 500 went 7 years without a 10% correction. The last time we saw a 10% correction was the summer of 2011.
Kleinbauer writes: “Today, the S&P is one its 3rd longest streak without a 10% correction and will tie the 3rd longest streak without a 1% correction. Is this an indication that the next 10% correction may be several years away? I’m thinking ‘yes.'”
In morning trade, the S&P 500 is up 0.2%.