Market Direction Mid Week Update

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Stocks put yesterday’s losses behind them today ahead of the European Central Bank’s decision on interest rates tomorrow.

The S&P 500 gained 0.5% to 1,989.26 today, while the Dow Jones Industrial Average advanced 0.2% to 17,000.36. The Nasdaq Composite rose 0.6% to 4,674.38.

Today marked the seventh anniversary of the bear market low on March 9, 2009. Since then, the S&P 500 has gained 194%, while the Dow Jones Industrial Average has risen 160%, and the Nasdaq Composite has surged 268%.

The folks at Bespoke Investment Group argue that the bull market isn’t, in fact, seven year’s old. They explain why:The S&P 500 is now seven years removed from its financial crisis low of 676.53 hit on 3/9/09. There’s been a lot of talk about “the bull market turning 7 years old” today, but that’s actually not the case. For the bull market to officially turn seven, the S&P 500 needs to take out its May 21st, 2015 high without dropping 20% from that high beforehand. Until the 5/21/15 high is eclipsed, the age of the bull remains at 6.2 years (3/9/09 to 5/21/15).

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