by Bespoke Investment Group
For the second time in as many days, the Nasdaq Composite has staged an intraday rebound after breaking below its 50-day moving average (DMA). The index is now on pace to close above the 50-DMA, thus extending the streak of consecutive closes above its 50-DMA to 120 trading days. This is the eighth longest streak in the index's history, and the longest since 1997. The Nasdaq's longest streak of consecutive closes above the 50-DMA was 227 trading days from August 1982 to July 1983 when the Nasdaq rose 86%.
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