Ten Years

Sam Rogers: You gonna keep the kid?
John Tuld: Keep him? He's getting promoted. It's all hands on deck now, Sam. There's going to be a lot of money to be made coming out of this mess, and we're going to need all the brains we can get around here.
--Margin Call

Ten years ago tomorrow US stock markets finally bottomed from the credit collapse carnage, and commenced what was (and technically still is) one of the greatest bull markets in history. From an intraday low of 666 (!) on March 9, 2009, the SPX marked an intraday of 2941 last September. That a 342% move, or about 16% compounded annually.

The bullish trend is still in place technically. Both the uptrend line starting from the 2009 lows and the 200 period moving average have been in synch for some time. Support currently rests at about 2370--not quite 400 pts below yesterday's close.

Stated differently, markets would have to drop almost 20% from here to decisively negate the long term trend from a technical standpoint. That's a pretty sizeable drop.

It also provides a sense of just how far above trend the last couple of years worth of action has been.