Courtesy of Doug Short’s Advisor Perspectives.
The S&P 500 sold off at the open to its -0.51% intraday low 20 minutes into the session while market mavens pondered this morning’s ADP employment report and the weekly jobless claims. The index them reversed the trend and rallied steadily through the day to its close at its intraday high with a modest 0.28% gain. That puts the index above the 2,100 level for the first time in 30 sessions and at high for 2016. The 500 is now only 1.2% below its record close set over a year ago on May 21, 2015.
The yield on the 10-year note closed at 1.81%, down four basis points from the previous close.
Here is a snapshot of past five sessions in the S&P 500.
Volume was a tad light on today’s advance.
A Perspective on Drawdowns
Here’s a snapshot of selloffs since the 2009 trough.
Here is a more conventional log-scale chart with drawdowns highlighted.
Here is a linear scale version of the same chart with the 50- and 200-day moving averages.
A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We’ve also included a 20-day moving average to help identify trends in volatility.
