S&P 500 Just Off All-Time High, NASDAQ Powers Beyond

The week in charts.

By Doug Short, Advisor Perspectives:

The NASDAQ was the attention-grabber today, up 4.25% for the week and closing at a record high. Our benchmark S&P 500 was relatively sedate by comparison. It opened with some minor options-expiration volatility and then spent the day in a narrow range between its 0.22% to -0.21% intraday high-low range. The index ended the day with a fractional 0.11% gain but a substantial 2.41% advance for the week.

Here is a snapshot of the last five sessions.

S&P 500

The weekly chart shows us that the index has been hovering near its record level since mid-February. Volume for the week was 7% above its 10-week moving average, but a chunk of that is attributable to the options trade.

S&P 500

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.

S&P 500 Drawdowns

For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.

S&P 500 Snapshot

By Doug Short, Advisor Perspectives.

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