“As we noted yesterday, even after Tuesday’s strong rally, the major averages remain well below their long-term 200-day moving averages (DMA). The last time the Dow closed above its 200-DMA was 204 trading days ago (5/19/08). This represents the eleventh longest streak of trading below the 200-DMA in the Dow’s history and the longest since 1982.

“Looking ahead, given the large spread between the current level of the Dow and its 200-DMA, we have a ways to go before the index reaches that level (or the moving average catches up to the index). Therefore, even if we get a strong rally over the next two months, by the time the Dow closes above its 200-DMA, the current streak is likely to be at least the sixth strongest in history.”