S&P 500 Snapshot: A Nosedive And Partial Recovery
Doug Short | Jan 15, 2015 01:33AM ET
Pre-market futures were already pointing to weak open when the Advance Estimate for December Retail Sales came in much worse than economists' already low expectations. The S&P 500 nose-dived at the open and sold off to its -1.71% intraday low just before the 2 PM release of the Fed's Beige Book. The pervasive Fed theme of a "modest" or "moderate" pace of economic growth was perhaps the catalyst for the afternoon rally that trimmed the selloff to a psychologically more manageable -0.58%. This was the forth consecutive loss and the ninth of the eleven sessions since the S&P 500 posted its record close on December 29th.
The Treasury Department recorded a close of 1.86% for 10 Year T-Note, down 5 bps from yesterday. The 30 Year T-bond closed at 2.47%, one bp off its all-time closing low in July of 2012.
Here is a 15-minute chart of the past five sessions.
Red bars continue to accumulate on the daily chart, accounting for eight of the past ten sessions. Dispite the intraday volatility, today's volume was only 32% above its 50-day moving average.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough. The S&P 500 is 3.79% off its record close on December 29th.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.