S&P 500 Snapshot: The Rally Stalls

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

The S&P 500 stumbled at the open and traded to its intraday low at the stroke of noon, off 0.48%. The index struggled into fractionally positive territory in the final hour, but selling dominated the last 25 minutes of trading, and the index closed the day with a modest loss of 0.18%. Friday's loss snapped a five-day rally.

To some extent the market reacted to Q1 GDP announced before the opening bell. While it was much better than Q4 2012, it was nevertheless below the consensus. And the Michigan Consumer Sentiment final number for April, while better than the preliminary reading, was lower than the March level.

Here is a 15-minute look at the week.

On a daily chart we see that Friday's loss was on lower than average volume.

The S&P 500 is now up 10.94% for 2013 and 0.70% below the all-time closing high of April 11th.


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.