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The stock market is asleep

Into its sixth year, the bull market continues to grind higher while experiencing a very low level of volatility.

Market technician Ryan Detrick noted that it’s been 8 weeks since we’ve seen a weekly move of at least 1% up or down in the S&P 500. That’s the longest such streak we’ve seen in 21 years.

And it’s not just the weekly moves.

“The Standard & Poor’s 500 Index hasn’t posted a gain or loss of 2% or more for 126 days, the longest streak since one ending in February 2007, according to data compiled by Bloomberg and Deutsche Bank AG,” Bloomberg’s Callie Bost and Joseph Ciolli report. “The last time the gauge went without a 2% move in the first half of the year was in 2005.”

And all this comes as the market has trended higher, with no major cumulative sell-off.

“1,357 days (without a 10% correction) and counting,” RBC Capital Markets’ Jonathan Golub said in a note to clients on Monday.

For Golub, this bull market will go on until the US economy enters a recession.

Cotd spx streaks@RyanDetrick

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