Courtesy of Doug Short.
The S&P 500 rose at the open, gave back the gains in the first hour and then drift in a narrow positive range for the rest of the day. The index closed with a small gain of 0.11%. The year-to-date advance, of course, is another new high of 11.65%.
From an intermediate perspective, the S&P 500 is 107.6% above the March 2009 closing low and 10.3% below the nominal all-time high of October 2007.
Below are two charts of the index, with and without the 50 and 200-day moving averages.
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.
These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.
