S&P 500 Snapshot: New All-Time High

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

Monday was a big day for economic data addicts; the March Personal Income and Outlays was released before the market opened. It was a mixed bag: Personal Incomes rose less than expected (more here), but spending was greater than consensus (more here). And we learned that despite aggressive Fed policy, the core PCE index continues its disinflationary trend. All of which was irrelevant to the market. The S&P 500 rose at the open, leveled off in the late morning and then marched to an afternoon intraday high, up 0.91%. The gains were trimmed a bit in the final hour of trading, but the index closed at a new all-time high, up 0.72%.

What was relevant to the US market? Europe. The 500 was essentially in copycat mode, although the US gains were less impressive than its European counterparts.

Here is a 5-minute look at Monday.

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Here's a snapshot of the rally mindset on the other side of the Atlantic.

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On a daily chart we see that Monday's all-time high was set on significantly lower-than-average volume.

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The S&P 500 is now up 11.74% for 2013 and at a new all-time high.

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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.