The S&P 500 traded close to its opening price for the first 90 minutes of the day and then drifted higher to its modest gain of 0.30%. Another day, another record close for the index … in fact, its third consecutive record close. After 94 market days, the index is up 3.41% for the year, but nine of the 94, nearly 10 percent, have been at record levels.
The official yield on the 10-year note closed at 2.23%, up nine bps from the previous close.
Here is a 15-minute chart of the past five sessions.
Is the slow drift this year a sign of an approaching top? Time will tell. For an interesting comparison, here is an aligned overlay of the twin peaks of 2000 and 2007 along with the current price.
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.
