The S&P 500 just formed a 'Golden Cross,' a bullish chart pattern with a solid track record

People take photos in front of the "Charging Bull" statue in lower Manhattan on November 08, 2019 in New York City. Citing safety concerns as it is often the site of protests, New York city officials announced Thursday that they are moving the iconic to a new location sculpture.
Spencer Platt | Getty Images

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The S&P 500 flashed a bullish signal that historically indicates strong rallies on the horizon.

On Friday, the equity benchmark's 50-day moving average broke above the 200-day trend line for the first time since the market bottom in March. This phenomenon is called a Golden Cross.

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