Courtesy of Doug Short.
Yawn. Watching the S&P 500 today was about as interesting as watching paint dry. The index posted its narrowest trading range of 2014, a mere 0.33% spread between its -0.16% 11 AM intraday low to its 0.17% intraday high fifteen minutes before the close. The fractional 0.06% gain for the day came on mixed earnings and an absence of economic news.
Here is a 10-minute look at the week so far.
The yield on the 10-year note rose 2 bps to 2.87% and is now 17 bps from its 3.04% interim high at the end of 2013.
Volume today was was a bit above its holiday-skewed 50-day moving average, but it was the lowest of the past seven sessions.
The S&P 500 is now down 0.19% for 2014.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
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.
