Stocks Just Hit Rare Golden Cross For 1st Time Since 2023 — Here's What It Means For Investors
The S&P 500 and Nasdaq 100 indices have formed a 'golden cross' on their charts, indicating the possibility of a 'long-term bull market,' according to the experts.
What Happened: According to an iShares MSCI World ETF (NYSE:URTH) chart, tracking the MSCI World Index shared by Barchart, global stocks have formed a 'Golden Cross' for the first time since January 2023.
This comes as the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, also formed 'golden crosses' on their charts.
Last time, when URTH formed a golden cross, where the 50-day moving average surpasses the 200-day moving average, the returns rose to 43% over the next two years.Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved —
Historical data dating back to 1975 suggest that the formation of this positive technical indicator on the charts has led the S&P 500 index 88% of the time higher over the next year.
The average return after a 'golden cross' was 12.29% in the last 50 years, as per the data shared by Subu Trade.A portfolio manager at Revere Asset Management, Connor Bates, shared QQQ's chart and highlighted how the securities have trended upwards after the formation of this cross in the last five years/Meanwhile, Ed Yardeni of Yardeni Research said in his QuickTakes note that 'those 'golden crosses' tend to be bullish breakout patterns, indicating the possibility of a long-term bull market.'Why It Matters: According to Benzinga Pro, the SPY made a golden cross last week, and its current 50-day moving average of $587.15 was above its 200-day moving average of $582.68.
Similarly, QQQ made a golden cross on June 23, and its current 50-day moving average of $515.59 was above the 200-day moving average of $503.23.
After the truncated trading week on Thursday, the SPY was up 0.79% at $625.34, while the QQQ advanced 0.98% to $556.22, according to Benzinga Pro data.
On Monday, the futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
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This article Stocks Just Hit Rare Golden Cross For 1st Time Since 2023 — Here's What It Means For Investors originally appeared on Benzinga.com
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