S&P 500 Snapshot: Strong Start To Jackson Hole Week
Doug Short | Aug 19, 2014 01:17AM ET
The S&P 500 rallied at the open and drifted higher to its 0.87% intraday high during the lunch hour. It then traded in a narrow range to its 0.85% close. The popular press attributes the gain to reduced tensions in Ukraine. It also comes in advance of potential Fed signals in Wednesday's release of the FOMC minutes for their July meeting and more significantly, from the Fed's Jackson Hole summit that starts on Thursday. The index is up 6.67% year-to-date and only 0.82% off its record close.
Treasury yields again headed lower. The yield on the 10-year Note closed at 2.39%, up 5 bps from Friday's close.
Here is a 15-minute chart of the past five sessions.
Here's a daily chart of the SPY ETF. As a gauge of investor sentiment, trading volume has been quite volatile. Last Thursday it was a ghostly 36% below its 50-day moving average. Friday's decline saw volume surge to 57% above the MA, and today's 0.84% price gain in the ETF was on a volume slump to 23% below the MA.
A Perspective on Drawdowns
The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
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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