S&P 500 Snapshot: Another Nowhere Day
Doug Short | Dec 30, 2013 11:14PM ET
In my Friday market-close update I said that the S&P 500 went nowhere and that the 0.28% intraday range (percent change from the low to the high) was the smallest of 2013 ... that is, until yesterday. The index spent the day hovering just below Friday's closing price in a microscopic 0.20% range. For some context, the average intraday range this year has been 0.86%. The index closed the day with a tiny loss of 0.02%.
According to the U.S. Treasury, the yield on the 10-year note closed at 2.99%, three bps below its interim high on Friday.
Here is a 30-minute look at the past nine sessions, which includes the big post-FOMC rally on December 18th.
Volume yesterday was again at reduced holiday levels. The daily chart gives a clear look at the magnitude of the post-FOMC rally, which started with a bounce off the 50-day moving average, and the year-end pause (so far).
The S&P 500 is now up 29.09% for 2013 and 0.05% below the all-time closing high of December 26.
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.
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