Marginal All-Time Highs
After the S&P 500 (SPY) climaxed in January 2018 following a breathless 2017 run-up, the index printed three more periods of all-time highs. The gains on the maximum all-time high in each of those periods never exceeded 3%. Here are the maximum gains for each of the three periods over the last all-time high:
- September 20, 2018: +2.0%
- April 30, 2019: +0.5%
- July 26, 2019: +2.7%
The subsequent risks for achieving these new marginal all-time highs are pullbacks that cool off the buying euphoria. Here are the maximum (closing) drawdowns