S&P 500 Record Close On The Second Lowest Intraday Price Range Of 2015


The economic news today was not good. The Fed’s Industrial Production index for April posted its fifth consecutive monthly decline. Michigan Consumer Sentiment took a dive, its biggest plunge since December 2012. The market was not particularly troubled. The S&P 500 opened higher, vacillated a bit and hit its -0.20% intraday low with the bad consumer sentiment number. It then traded in its second narrowest intraday price range of 2015. A bit of buying in the final minutes lifted the index to a 0.08% gain and its second consecutive record close.

The official yield on the 10-year note closed at 2.14%, down nine bps from yesterday but a down a mere 2 bps from last week’s close.

Here is a 15-minute chart of the past five sessions.

Today was an options expiration day, which skews volume on the index. So let’s take a look at the SPY ETF for a better sense of investor participation (or lack thereof).

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.


For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.


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