Courtesy of Doug Short.
Pre-market futures pointed to a positive open and the S&P 500 complied, rising to its 0.47% intraday high in in the first five minutes of trading. The 10 AM Consumer Confidence came in a tad weak, but the market wasn’t really fazed. The big news will be the read on tomorrow’s Fed tea leaves, with the Advance Estimate of Q2 GDP (along with massive historical revisions) as an early morning prelude. After lunch the index dropped into the shallow red to its -0.17% intraday low, rose again into the green but gave back most of the gains to close with a fractional 0.04% gain.
With one day left in July, the S&P 500 has a 4.96% gain for the month. Tomorrow we’ll see if it can beat January’s 5.04%.
The US Treasury put today’s closing yield on the 10-year note at 2.63%, up two bps from yesterday’s close.
Here’s a 10-minute look at the week so far with callouts for today’s intraday high and low.
Volume today remained below its 50-day moving average but with significantly more shares traded than yesterday’s 26% off the 50-MA.
But the SPY ETF continues to show ongoing weak participation in the daily trade.
The S&P 500 is now up 18.21% for 2013 and 0.56% below the all-time closing high of July 22.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
