With no economic news to juice the market Monday (or scare it), the S&P 500 probably took its opening cue from the eurozone, where most of the indexes churned in the shallow red. The 500 opened lower and hit its intraday low, off 0.25%, in the first 15 minutes of trading. But by late morning it emerged into the green and closed the day with a gain of 0.32%, five basis points off its intraday high. The index clearly has an eye on its cousin the Dow, which keeps setting new all-time highs. The S&P 500 is fractionally less than nine points, make that 0.57%, from its all-time high. Will today see a new S&P 500 record?
Here's a 5-minute look at the day.
The market has been closed for an hour as I type this. I've been waiting for the final volume data from Stockcharts, which is usually available 30 or 40 minutes after the closing bell. But not today. So here's a daily chart of the SPY ETF, showing the volume. In fact, this ETF gives us a better idea of trader sentiment. I see that yesterday's volume is just a bit above half its 50-day moving average. In fact, the seven-day SPY winning streak had only one day, the first, with strong volume and another day (Friday) that was close to the 50-MA.
The S&P 500 is now up 9.12% for 2013 at a new interim.
From a longer-term perspective, the index is 130.0% above the March 2009 closing low and 0.57% below the nominal all-time high of October 2007.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.