S&P 500 Snapshot: Friday Bounce For A Weekly Gain
Doug Short | Jul 18, 2014 03:29PM ET
Yesterday's selloff on geopolitical tensions was essentially reversed today. The S&P 500 hit its 0.14% intraday low a couple of minutes after the opening bell. It then rallied steadily higher to its 1.11% intraday high about 20 minutes into the final hour. A bit of late selling trimmed the gain to 1.03%, erasing most of yesterday's loss. The index closed the week with a 0.54% and is a mere 0.36% off its record close on July 3rd.
The yield on the 10-year note ended the day at 2.50%, 3 bps above the previous close. It is now only 6 bps above its interim closing low of May 28th.
Here is a 15-minute chart of the week. The S&P 500 is up 7.03% year-to-date.
Here is a daily chart of the index. Volume settled down, only 7% above its 50-day moving average -- some of which is attributable to options expirations.
The volume pattern of the past two days gives a glimpse of trader reaction to horrific downing of the Malaysia Airlines passenger jet.
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.
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