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Thursday, March 28, 2024

S&P 500 Snapshot: A Record Close to End the Week

Courtesy of Doug Short.

The pre-market economic news was the release of the March Durable Goods, which had a strong headline number, but Core Capex posted its seventh consecutive decline and is down 4.0% year-over-year. The S&P 500 vacillated in the opening minutes and then trudged higher to its 0.38% intraday record high. The index then moved sideways most of the afternoon before settling for a 0.23% closing gain — enough for a new all-time record close.

Today the yield on the 10-year Note closed at 1.93%, down three bps from the previous close but above the 1.87% close last Friday.

Here is a 15-minute chart of the week.

Here is a daily snapshot of SPY ETF, which gives a better sense of investor particiaption (or lack thereof) in today record-setting move.

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.

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Click for a larger image

For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.

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Click for a larger image

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