Courtesy of Doug Short.
The S&P 500 closed the day with its third consecutive gain, the best rally so far in 2015 and the longest since the five-day winning streak that ended on Christmas Eve. The index opened dropped at the open, hitting its -0.52% intraday low six minutes later. It the rallied to its 0.78% intraday high at 11 AM. Some midday indecision turned to selling, and the index had erased all its gains by 2 PM. It then reversed directions during the last two hours, closing with a 0.47% advance.
The 10-year Note closed at 1.87%, up five bps from yesterday’s close.
Here is a 15-minute chart of the past five sessions.
Here is a daily chart of the SPY ETF, which gives a better sense of investor participation, which appears to be waning.
A Perspective on Drawdowns
Here’s a snapshot of selloffs since the 2009 trough. The S&P 500 is 2.79% off its record close on December 29th.
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.
