Since October 27, the S&P 500 has rallied 24.7%.
It's an incredible achievement as the world's largest stock market (by far) increases its value by one quarter. Nvidia alone was 33% of the gain, but that's another story.
What stands out about this rally for me is the steadiness of it. There's hardly a down day and when there is, it's modest and that's despite the market pricing out around 80 bps in cuts for this year. It's a truly astonishing rally and we're only just stepping into a strong seasonal period.
SPX daily
