Courtesy of Doug Short.
Today’s market news was all about Apple product announcements, which presented fast traders with a potential delight (or nightmare). Apple ended the session with a modest 0.38% loss, but the spread between its intraday high and low was a whopping 7.22%. The S&P 500 was quite tame by comparison. At day’s end the index was down 0.65%, closing off its -0.85% low. The intraday range was an unspectacular 0.83%, which is the 57th percentile of the 173 market days so far this year. Today’s final tally put the index back below the legendary 2,000 level at 1,988.44.
A common meme in the popular financial was market concerns about an early Fed rate hike, but Treasuries made no dramatic moves. The yield on the 10-year Note ended the day at 2.50%, up 2 bps from yesterday’s close.
Here is a 15-minute chart of the past five sessions. I’ve highlighted the 2000 level, which served as a trampoline last Wednesday. This afternoon it proved a ceiling.
Volume ticked up from 6% below its 50-day moving average yesterday to 6% above the MA today.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
