Since the April highs and even more so since the summer, equities have been making a habit of starting off the week on a negative note. That's what makes this morning's rally even more noteworthy. With a gain of more than 1% so far today, the S&P 500 is on pace for its second straight Monday with a gain of more than 1%.
The chart below shows the S&P 500's daily change on the first trading day of each week since the start of 2009. As shown, in the first part of the bull market from 2009 and early 2010, these types of rallies to start off the week were relatively common. Since late 2010, however, these back to back rallies to start off the week have been nonexistent. In fact, the last time the S&P 500 started off two weeks in a row with a gain of 1%+ was back in September 2010.
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