Doug Short | Jan 22, 2017 12:34AM ET
The S&P 500 surged at the open, hitting its 0.59% intraday ten minutes into the session. The index then drifted downward to the noon hour presidential inauguration. President Trump's inauguration speech, however, was not well received by the market. A noon-hour selloff took the index to its 0.06% intraday low followed by a relatively volatile afternoon, presumably spent dissecting the speech. The 500 closed with a 0.34% gain for the day but a 0.15% loss for the holiday-shortened week.
That mid-day selloff on Trump's speech was in response to the President's focus on working-class middle America with nothing specific to please the wealthy investor class. Earlier today we published a review of wages over the previous nine presidential terms: Trump presidency is 'a moment of opportunity' ".
But back to the S&P 500 — here is a snapshot of the past five sessions.
The yield on the U.S. 10-Year note closed at 2.48%, up one BP (LON:BP) from the previous close, although the CBOE/CBOT 10-year US Treasury Note Volatility hit an intraday high of 2.51%.
Here is a weekly chart of the index. The Trump rally has been on hold for the past six weeks.
Here's a snapshot of record highs and 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.
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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