S&P 500 Snapshot: The Bounce Fades In The Final Hour
Doug Short | Aug 26, 2015 12:30AM ET
I was watching the benchmark S&P 500 while vacationing on a Rhone River cruise with limited and unpredictable Internet access. My expectation, based on pre-market futures and European indexes, was a strong bounce after the five-day selloff into a technical correction. As expected, the index rallied at the open and rose to its 2.90% intraday high in the late morning. But the rally gradually faded during the afternoon, and selling in the final hour logged day six of the selloff with a 1.35% loss for the day. The 500 is now down 9.29% for the year and 12.35% off its record close in May.
Here is a snapshot of past five sessions:
On a daily chart we see that volume yesterday was well above its 50-day moving average, but lower than Monday:
Here's a snapshot of selloffs since the 2009 trough:
For a longer-term perspective, here is a charts base on daily closes since 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.