S&P 500 Snapshot: 4-Day Rally Snapped

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Includes: BXDB, BXUB, BXUC, EPS, IVV, RSP, RWL, SDS, SFLA, SH, SPXU, SPY, SSO, UPRO, VOO
by: Doug Short

The financial horizon was cloudy before the Friday market opened. European indexes were in the red and Friday morning's Advance Estimate on March retail sales was well below expectations. The S&P 500 opened lower and slid to its intraday low, off 0.84% by late morning. Gloomy Michigan Consumer Sentiment number contributed to the drag. But the index battled back through the afternoon and trimmed the closing loss to 0.28%. Any misgivings about Friday were amply offset by the majestic gain of 2.29% for the week.

Here is a 15-minute look at the week.

A daily chart shows that the Friday selling was on relatively low volume.

The S&P 500 is now up 11.41% for 2013 and 0.28% below the all-time closing high set Thursday.



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.