The S&P 500 closed below its 50-day moving average last week for the first time since April 30, ending the 5th longest uptrend since 1950 at 198 days. {chart} Here’s what happened after the end of the longest uptrends since 1950… {table} What you’ll notice in that table is there’s no signal in there. After the end of a long uptrend in the past, sometimes the market bounced back with gains over the next year and other times the market would continue lower. There’s no way to predict what will happen this time around. What we can say is more likely than not, however, is the return of volatility and risk which has been ... (full story)