Courtesy of Doug Short.
Before the market opened, new jobless claims posted an interim moving average low and the Third Estimate of GDP was unchanged to one decimal place. The S&P 500 rallied at the open and hits its intraday high, up 0.65%, about 30 minutes later. The enthusiasm quickly waned, and 30 minutes later the index slipped fractionally below its opening price. The trade then oscillated in about a five point range to its close near the top of that range for a 0.35% gain, thus snapping a five day selloff, the longest of 2013.
Here’s a 15-minute snapshot of the week so far. We have only two trading days left in September, and the index is up 4.02%.
The yield on the 10-year note appeared to stabilize today, with the official closing yield at 2.66%. Here’s the equivalent snapshot of the TNX index.
A daily chart shows that volume on today’s bounce was light.
The SYP ETF gives us a better sense of retail trade sentiment, which showed a distinct lack of participation in today’s recovery.
The S&P 500 is now up 19.11% for 2013 and 1.56% below the all-time closing high of August 18.
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.
