There have now been 37 golden crosses on the S&P 500 since 1950.
The S & P 500 has flashed one particular type of rare, bullish signal seen by technical analysts as an indicator that a big rally could be on the way. On Thursday, the broad market index formed what Wall Street calls a "golden cross," which happens when a 50-day moving average crosses through and above the 200-day moving average. Moving averages are simply the average of the last 50-, or 200, closing prices.
"We strongly believe the low-frequency momentum-based buy signals that have or are close to triggering are likely to whipsaw," said Jason Hunter, a technical strategist at the firm. "It is also important to note that near 30% of the signals since WWII have not resulted in a profit if held until the death cross and 40% of signals led to drawdowns within the first month after the bullish trigger.
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