Courtesy of Doug Short.
Today was a busy one for economic updates: the Producer Price Index, Industrial Production and Consumer Sentiment. But the market was primarily focused on the international scene — most notably the conflict in Ukraine. The S&P 500 rose at the open, hitting its 0.45% intraday high an hour later. The breaking news from Europe then sent the index into a sharp nosedive to its -0.70% intraday low shortly before noon. It slowly slogged its way back to an essentially flat finish, down -0.01% for the day. On a brighter note, the index was up 1.22% for the week.
Treasury yields again headed lower. The yield on the 10-year Note closed at 2.33%, down 7 bps from yesterday’s close and a new interim closing low at a level last seen on June 19, 2013. Similarly the yield on the 30-year Bond ended the day at 3.13%, its lowest since the 3.09% on May 16, 2013.
Here is a 15-minute chart of the week.
Here’s a daily chart of the SPY ETF. Volume was a ghostly 36% below its moving average yesterday, but today it was 57% above that level.
A Perspective on Drawdowns
The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
