This puts this rally in uncharted territory, which is always a little bit of an uncomfortable place for me. A FTD could still occur, and just because we have had a strong 9-day rally does not mean a bull market has already been missed. But one purpose of the FTD concept is to help in identifying market bottoms. If we are already at a 50-day high, then I would say this is one case where the FTD has let traders down in try to identify that bottom.
Note: There was a 1% FTD in the Russell 2000 last week. I do not look at the Russell 2000 for FTD purposes. My studies have always looked at the Dow, Nasdaq, and SPX. The Nasdaq goes back to 1971, and I wanted to be sure to include that index initially. The Russell only has history back to the mid-80s. I feel consistency is important when testing and therefore I only look at those 3. IBD and others may sometimes look at additional indices. For consistency in testing, I don't. And this is the 1st rally where none of those 3 have registered the FTD before hitting a 50-day high.