The S&P 500 is experiencing one of its most powerful runs in modern history, logging its longest streak above its 50-day moving average (50-DMA) in 14 years.
S&P 500’s Longest Streak Above 50-DMA Since 2011
As of Oct. 31, 2025, the benchmark U.S. stock index has spent 125 consecutive trading sessions above this key technical indicator, a milestone highlighted by The Kobeissi Letter on X, which declared, “This run has been historic.”
This bullish streak is the longest since a 130-session run in 2011 and marks the third-longest stretch of the 21st century.
The longest run since 2000 was 149 sessions, ending in February 2007. The index’s strength is further underscored by its trading 13% above its 200-day moving average, the widest such gap since July 2024, according to Bloomberg data shared by the post.
What Does S&P 500 Tracker SPY’s Technical Chart Show?
The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 index, ended 1.10% lower at $679.83 on Thursday, as per Benzinga Pro data.
It was much above its 50-DMA of $661.21 and 200-DMA of $608.97. It was also above its short-term trading averages of eight and 20 days.
With a relative strength index of 59.64, the security was neither overbought nor oversold. Meanwhile, its momentum indicator, the MACD line, was also positive and above the signal line at 6.24 units, with a delta of 1.31, indicating a bullish trend.
What Is Driving The S&P 500 Rally?
A massive concentration in a handful of technology and artificial intelligence-driven companies largely fuels this powerful rally. The S&P 500, a market-cap-weighted index, has become increasingly top-heavy.
As AI enthusiasm propels stocks like Nvidia Corp. (NASDAQ:NVDA), its growing market size gives it a heavier weighting and outsized influence on the index’s overall performance.
The top 10 U.S. stocks now reflect 41.4% of the S&P 500’s market cap, an all-time high.
S&P 500 Nears The 7,000 Mark
While the S&P 500 has rallied 16.25% in 2025, its latest 52-week high, which it scaled this week, stood at 6,920.34 points.
Meanwhile, on Thursday, the S&P 500 index slipped 0.99% to 6,822.34, whereas the Nasdaq 100 index fell 1.47% to 25,734.81. On the other hand, Dow Jones declined 0.23% to end at 47,522.12.
On Friday, the futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were higher.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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