As we gasp and wheeze toward the end of the quarter (well, at least that’s what I’ve been doing, having been sick it seems most of the year!) I thought we’d take a moment to look at a very simple thing. That is, the moving averages (without anything else) of the S&P 500 cash index. Here it is below, with the 50, 100, and 200 day exponential moving averages.

What I am seeking to highlight here is that in spite of all the volatility and multi-thousand point Dow swings, as far as the moving averages go, it’s been “smooth sailing” up to and including this very moment.

The last time we had a crossover was literally years ago, back in the summer of 2015 (red arrow). And since that reversed itself, moving to a positive crossover (green arrow) it’s been bulls, bulls, bulls ever since.

Suffice it to say, if we get the happy (and all too rare) incident of a negative crossover again, I’ll somehow sneak it into the conversation here.