S&P 500 Snapshot Rally In Europe Continues, But U.S. Indexes Go Nowhere
Doug Short | Nov 18, 2015 12:13AM ET
European markets rallied today with the STOXX 50 index posting a 2.67% gain. The S&P 500 started the day in rally mode, reaching its 0.66% intraday high about the time major European markets were closing. At that point the index reversed direction and spent the afternoon struggling around the level of yesterday's close. It ended the session with a fractional loss of 0.13%.
The yield on the 10-year note closed at 2.25%, down 2 bps from yesterday's close.
Here is a snapshot of past five sessions.
Here is a daily chart of the index. We see that at intraday high it briefly rose a couple of points above its 200-day moving average.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a log-scale chart base on daily closes since the all-time high prior to the Great Recession.
Here is the same chart with the 50- and 200-day moving averages. The 50 crossed below the 200 on August 28th.
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