Bitcoin Blasts Off As ‘Euphoric’ Stocks Do Something They Haven’t Done In 52 Years…

The S&P 500 closed above 5,000 for the first time ever…

…only 39 more green candles to go until the election…

Source: Bloomberg

The S&P 500 jumped 5,000 faster than any other 1,000-point milestone (which of course makes some sense given that they are smaller and smaller percentage changes).

It took 719 sessions for the index to set its latest 1,000-point milestone, much shorter than the 1,227 trading days it needed to get from 2,000 in 2014 to 3,000 in 2019, Bloomberg News reports.

That compares to the 4,168 sessions from 1,000 in 1998 to 2,000 in 2014.

However, as Bloomberg notes, it may take time for the index to settle above 5,000, if history is any guide.

For example, after breaching 2,000 in 2014, the SPX hovered around that level for the next three weeks, only to retreat in the five weeks that followed.

A similar trend can be observed in 2019, when the index crossed 3,000. After rising more, the SPX fell and hovered below it for many weeks after.

…and the S&P 500 is up for 14 of the last 15 weeks for the first time since March 1972…

But, while the S&P 500 is now up 4% from its prior record closing high in Jan 2022, so is Bitcoin; and the dollar is up 8%… and gold up over 12%. The loser in those two years are bonds which are down over 9%…

Source: Bloomberg

Small Caps were the biggest winners this week – amid a constant short-squeeze – followed by Nasdaq (and the S&P), while The Dow ended the week unchanged….