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Stock Market Ninth Decline in Eleven Sessions

Stock-Markets / Stock Markets 2013 Oct 04, 2013 - 10:08 AM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short: Today the S&P 500 marked the third day of government shutdown with its most volatile session since its all-time closing high on September 18th. My volatility metric is the percent change from intraday low to intraday high. That September 18 record close had an intraday range of 1.71%, largely reflecting the market’s reaction to the FOMC no-taper decision. The index then declined for nine of the following eleven sessions. Today’s intraday range of 1.32% ranks at the 88th percentile of the 191 market days of 2013. The 500 opened at its -0.09% intraday high and sold off to its -1.39% noon-hour low. During the afternoon the index cut its loss approximately in half and traded in a narrow range, save for brief dip around 2:20 PM when shots were fired at the capitol. A slight fade in the final minutes logged a 0.90% loss for the day.


Here is 5-minute chart of of today with a bit of yesterday afternoon for context. The 1680 level switched from mornings resistance to afternoon support, although it took a pause with the capitol gunshots and at the closing fade.

Here is an hourly chart since before the Fed-driven “no-taper” rally, which more clearly shows the recent trend and today’s increased volatility.

Volume today was unremarkable. On a daily chart we can also see that today the index closed the day fractionally below its 50-day price moving average.

The S&P 500 is now up 17.70% for 2013 and 2.72% below the all-time closing high of August 18.


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.

- Phil

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www.philstockworld.com

Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)

© 2013 Copyright  PhilStockWorld - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

PhilStockWorld Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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