S&P 500 Snapshot: The Tuesday Drift Higher
Doug Short | Aug 19, 2014 03:41PM ET
The big pre-market news was the August report on July inflation. The year-over-year 1.99% headline and 1.86% core rates will not be disturbing to the Jackson Hole inflation watchers. The S&P 500 rallied at the open and drifted higher through the day, closing with a gain of 0.50%, just off its 0.55% afternoon high. The index is up 7.21% year-to-date and only 0.32% off its record close.
Treasuries were little changed. The yield on the 10-year Note closed at 2.40%, up 1 bp from yesterday's close.
Here is a 15-minute chart of the past five sessions.
As we can see on the daily chart, the mini-correction (-3.94%) from the July 24th record close is nearly over. Volume remains light as we approach the Fed Jackson Hole event on Thursday and Friday.
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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