Key gauge shows US stocks have hit a bottom, are ripe for a rally

This data in the past gave signals before major phases of market tops and bottoms. In most cases, correction in the S&P 500 index has ended when the indicator touches -20. It flashed an extreme reading of -27 on October 21, 2022. Since then, the S&P500 has gained 6.5%, while the Dow Jones index surged nearly 9%.

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