S&P 500 Snapshot: Bears Instead Of Santa
The S&P 500 closed Christmas Even with a major correction and bear market instead of a Santa Rally. Today's close was a correction of 19.78% from the closing high. The index closed with a loss of 2.7% from yesterday and 12.79% YTD.
The U.S. Treasury puts the closing yield on the 10-year note at 2.79%.
Here's a snapshot of the index going back to December 2008.
A Perspective on Drawdowns
Here's a snapshot of record highs and selloffs since the 2009 trough.
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Here's a table with the number of days of a 1% or more change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.
Here is a more conventional log-scale chart with drawdowns highlighted.
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Here is a linear scale version of the same chart with the 50- and 200-day moving averages.
(Click on image to enlarge)
A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We've also included a 20-day moving average to help identify trends in volatility.
(Click on image to enlarge)
Volume was unusually high today for Christmas Eve. Too bad the holiday starts on such a sour note. Santa's rally has been replaced by JP's bag of coal.