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S&P 500 Snapshot: A Fractional Gain Before The Big Jobs Report

ByDoug Short
Published 01/10/2014, 01:02 AM
Updated 07/09/2023, 06:31 AM

Before the market opened, the weekly jobless claims came in better than expected. The S&P 500 rallied at the opening bell and hit its 0.31% intraday high six minutes after that. The index then sank to its -0.39% intraday low about 90 minutes later. It spent the rest of the day stuggling with the level of yesterday's closing price, which served as resistance in the early afternoon but was fractionally breached in the final hour. The index closed with a 0.03% gain.

The market is essentially in suspended animation, awaiting tomorrow's big jobs number. But the more pervasive potential market mover will be the start of the Q4 earnings season.

According to the U.S. Treasury, the yield on the 10-year note closed at 2.97%, down 4 bps from yesterday and only 7 bps below its interim high at the end of 2013.

Here is a 15-minute look at the week so far.
SPX 1
Here's a daily chart of the SPY ETF, where volume is probably a better indicator of investor participation. Volume was 12% below its 50-day moving average.
SPX 2
The S&P 500 is now down 0.55% for 2014.

Here is a longer perspective, starting with the all-time high prior to the Great Recession.
current-market-snapshot
current-market-snapshot-MAs
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.

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