Finally, finally, finally the S&P 500 index closed at a new all-time record Friday.
Several times the large cap benchmark U.S. index tried to surpass its previous all-time closing high of 2872.87 of January 26th and several times it failed. But Friday’s close of 2874.69 did the trick.
In fact, it took seven months, or 145 trading days, for the S&P to recapture its previous high, nearly three times the length of the average correction. For all the fear and handwringing that produced on Wall Street and in the media, its biggest decline was a “whopping” 10.2%, just about the bare minimum you can have and still call a correction.
This week also marked the date on which this bull market became the longest of the past hundred years. But it needed to hit a new high for that mark to stand, too. Otherwise, market historians would have recorded the end of this bull on January 26th, because bull markets are measured from trough to peak.
OK, so now that that bit of record keeping is out of the way, what next? What does this bull market need to continue and even go higher?