A chart really is worth a thousand words. Technical strategists say that investors in any given period are either in the mood to “sell the rally” (bear markets) or “buy the dip” (bull markets). If 2022 was all about sell-the-rally, 2023 was (mostly) about buy-the-dip and the strategy was intense and infallible during the final quarter. Year-to-date, the dips have been shorter and shallower, usually less than 1%, before bullish buying has reasserted itself though with less intensity than in Q4. Some technical investors see weakening buy-the-dip enthusiasm as a warning sign of a near-term top. But for over a year, investors have been more inclined to buy dips than to sell rallies. Until we see a change in that trend, the likely direction is upward.