S&P 500 Snapshot: A Fractional Decline On Fed Wednesday
Doug Short | Jul 28, 2016 12:10AM ET
Fed Wednesday turned out to be a ho-hum event for the US equity markets. The combination of parsing the FOMC statement, analyzing earnings and fretting about the growing glut kept our benchmark S&P 500 in a relative zombie state ... especially for a Fed Wednesday.
The -0.12% closing loss extended the fractional up-down pattern of daily closes to ten sessions. And speaking of oil, WTIC fell 2.33% today and is now 18.65% below its interim high on June 8.
The yield on the 10-year closed at 1.55%, down five basis point from the previous session.
Here is a snapshot of past five sessions in the S&P 500.
Here is a daily chart of the index. We've highlighted the unusually narrow pattern over the past ten sessions, both in closes and intraday trading ranges. To repeat yesterday's question: Will the next significant move be up? or down? Stay tuned!
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
Here is a more conventional log-scale chart with drawdowns highlighted.
Here is a linear scale version of the same chart with the 50- and 200-day moving averages.
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A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We've also included a 20-day moving average to help identify trends in volatility.
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