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Friday, March 29, 2024

S&P 500 Snapshot: Down but Off the Low

Courtesy of Doug Short.

The S&P 500 dropped at the open, presumably in response to the weak ADP employment report (119K April jobs versus 201K in March). The index slowly rallied off its interim low set at 10:30 AM (down 0.85%) to close with a modest loss of 0.25%. But the 500 remains above the 1,400 level and is up 11.51% year-to-date, which is only 1.18% off its interim closing high set on April 2nd.

From an intermediate perspective, the S&P 500 is 107.3% above the March 2009 closing low and 10.4% 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.

 

 

 

 

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