Courtesy of Doug Short’s Advisor Perspectives.
The S&P 500 hesitated at the open and remained in a quandary for the first 45 minutes or so, then rallied to a mid-day range, after which it drifted higher to its closing 0.46% gain within eight ticks of its intraday high. It finished the week with a 0.61% gain and another record close, the third of the week — one on Monday, another on Wednesday and again today.
The yield on the 10-year closed at 1.57%, unchanged from the previous session.
Here is a snapshot of past five sessions in the S&P 500.
Here is a weekly chart of the index with the breakout above the May 2015 record close highlighted.
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.
