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S&P 500 Just 0.57% Below Its All-Time High

Stock-Markets / Stock Markets 2013 Mar 11, 2013 - 08:32 PM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short writes: With no economic news to juice the market (or scare it), the S&P 500 probably took its opening cue from the eurozone, where most of the indexes churned in the shallow red. The 500 opened lower and hit its intraday low, off 0.25%, in the first 15 minutes of trading. But by late morning it emerged into the green and closed the day with a gain of 0.32%, five basis points off its intraday high. The index clearly has an eye on its cousin the Dow, which keeps setting new all-time highs. The S&P 500 is fractionally less than nine points, make that 0.57%, from its all-time high. Will tomorrow see a new S&P 500 record?


Here’s a 5-minute look at the day.

The market has been closed for an hour as I type this. I’ve been waiting for the final volume data from Stockcharts, which is usually available 30 or 40 minutes after the closing bell. But not today. So here’s a daily chart of the SPY ETF, showing the volume. In fact, this ETF gives us a better idea of trader sentiment. I see that today’s volume is just a bit above half its 50-day moving average. In fact, the seven-day SPY winning streak had only one day, the first, with strong volume and another day (Friday) that was close to the 50-MA.

The S&P 500 is now up 9.12% for 2013 at a new interim.

From a longer-term perspective, the index is 130.0% above the March 2009 closing low and 0.57% below the nominal all-time high of October 2007.



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

Click here for a free trial to Stock World Weekly.

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.

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