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S&P 500 Snapshot: Third Day Down

ByDoug Short
Published 12/13/2013, 01:15 AM
Updated 07/09/2023, 06:31 AM

Before the market opened we got a mixed pair of economic indicators. The initial jobless claims report was a major disappointment, the biggest increase in 13 months. In contrast, the advance look at November Retail Sales came in a bit better than expected. The S&P 500 tossed a coin and opened fractionally lower before rising to its miniscule 0.04% intraday high fifteen minutes later. The index then sold off to its -0.56% intraday lunch-hour low. An afternoon rally led to a promising peak into the green, but the final hour belonged to the sellers, who took the index to a 0.38% closing loss.

Here is a 15-minute look at the past five sessions, which opens with Friday's big move on the November Jobs Report. After Monday's fractional 0.18%, the index has posted three consecutive declines. Are we seeing the start of an overdue correction? That's not something we usually associate with December.
SPX
Here is a daily chart of the SPY ETF, where we get a better sense of trading volume of individual investors. Today's decline was approximately at its 50-day moving average and well off the spike on yesterday's greater decline.
SPY
A daily chart of the index itself shows less volume volatility over the past three sessions.
SPX
The S&P 500 is now up 24.49% for 2013 and 1.82% below the all-time closing high of December 9.
S&P 500
S&P 500 2
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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Latest comments

One month no gain. Just like, last July-August. We can use a healthy 10% correction.
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