Big Friday Rally Sends S&P 500 Into The Green On The Week (SPY)

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May 6, 2018 7:13am NYSE:SPY

From Jill Mislinski: The S&P 500 ended the first week of May with a minor 0.24% loss from last Friday and 1.28% gain from Thursday. The index is down 1.2% YTD and 7.3% below its record close.


S&P 500

The U.S. Treasury puts the closing yield on the 10-year note at 2.95%.

Here is a daily chart of the S&P 500. Today’s selling puts the volume 15% below its 50-day moving average.

S&P 500

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.

S&P 500 Drawdowns

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.

S&P 500 MAs

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

S&P 500 MAs

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.


The SPDR S&P 500 ETF Trust (SPY) closed at $266.02 on Friday, up $3.40 (+1.29%). Year-to-date, SPY has declined -0.31%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 145 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of Advisor Perspectives.


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