
S&P 500 Snapshot: An Uninspired Day
In my Friday market-close update, I mentioned that the S&P 500 made little movement, recording an intraday range of only 0.28%—the smallest for 2013 at that time. However, yesterday’s performance surpassed that, as the index traded within a mere 0.20% range while staying just below Friday’s closing price. For perspective, the average intraday range this year has been 0.86%, and the index finished the day with a slight decline of 0.02%.
According to the U.S. Treasury, the yield on the 10-year note closed at 2.99%, which is three basis points lower than its interim high recorded on Friday.
Here is a 30-minute view of the last nine trading sessions, highlighting the significant rally following the Federal Open Market Committee (FOMC) meeting on December 18th.

SPX 30 Minute Chart
Trading volume yesterday remained subdued due to holiday patterns. The daily chart clearly illustrates the extent of the rally following the FOMC meeting, which began with a bounce off the 50-day moving average, and the corresponding pause toward the end of the year.

SPX Daily
As of now, the S&P 500 has risen 29.09% for the year and remains 0.05% below its all-time closing high achieved on December 26.


To provide a broader perspective on recent declines, here’s a long-term view of secular bull and bear markets in the S&P Composite dating back to 1871.