S&P 500 Snapshot: Back In The Green Year-to-Date
Doug Short | Jun 30, 2016 12:01AM ET
On a global basis, equity markets have essentially discounted last week's Brexit vote. Yesterday's rally, to one decimal place, put the Nikkei up 1.6%, the DAX 1.8%, the CAC 2.6% and the FTSE 3.6%. Our benchmark S&P 500 rose 1.7% Yesterday, just a tad off its 1.82% intraday high shortly before the close. The index is now back in the green year-to-date, up 1.31%.
Here is a snapshot of the past five sessions in the S&P 500.
Treasuries, however, have not shown the same reversal. Here is a a 15-minute overlay of the 500 and the CBOE10-year Treasury yield index over the last eight sessions. Note that the two were moving in tandem prior to the Brexit vote and during the two-day selloff following the vote. But during the last two sessions, equities have rallied while the 10-Year yield has mostly trended sideways.
Here is a daily chart of the S&P 500. Note that the trading volume has been substantially higher on the Brexit selloff than on the bounce.
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.
h3 A Perspective on Volatility/h3
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.
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.