While todays uptick is a mere .02%, nevertheless, the market managed four plus days after Mondays loss. Yet despite the weeks gain, the close still lags 5 points behind the previous post dip high of 1489 posted on the day after Labor Day.
While todays uptick is a mere .02%, nevertheless, the market managed four plus days after Mondays loss. Yet despite the weeks gain, the close still lags 5 points behind the previous post dip high of 1489 posted on the day after Labor Day.
The September 13 gain of .84% follows Wednesdays just plus .0045% and the substantial 1.36% increase of Tuesday. This is the 12th +3 (successive positive closes) day this year.
Since 1950, the S&P500 scored only 1114 three in a row up days, with 118 of these since 2000.
The average +3 gain since 2000 is .62%; while 27 of these increases were greater than todays + .86%, the other 91 closes were smaller.
After a day of positive trading, the total gain was only .0048% — that is, 5/1000 of a percent.
For the record, only 449 trading days had positive closes of less than .05% — that is 5/100 of a percent; and 51 of these took place since January 2000.
As for closes in the red, but not in excess of -.05%, 43 occurred since 2000, and 383 since 1950.
Together, these closes in the range between -1/2 percent and + 1/2 percent, constitute 6.7 percent of trading days since 1950, and 4.9 percent since January 2000.
Today’s close follows two successive declines after a previous gain. This is the fourth time this +1/-2/+1 trading pattern occurred since the beginning of July. The diagram highlights these similarities.
Since 1950, there have been 363 of these +1/-2/+1 closes, with 62 since 2000, and six so far this year.
The S&P500 1.36% gain today compares favorably with the .62% average increase on this fourth day of the +1/-2/+1 trading pattern.
Today’s -.13% is milder than Friday’s -1.69% — yet two negative days in a row happen fewer than once every eight trading dates.
Some 922 of the 1936 trading days since January 2000 posted losses (48% of all days); while on only 130 occasions (14% of the losing days) was the loss smaller than today .
Todays -1.68% close is the 150th time that the S&P500 lost more than 1.5% in the 1931 trading days since January 2000.
By contrast, 566 such closes occurred in 14,153 trading days since January 1950.
Moreover, the magnitude of this loss places todays close near the 5th percentile that is only 5% of all losses since 2000 exceeded -1.83%.
However, six of those losses were smaller than -1%, while one, on
The market continued its upward momentum, achieving an up 1.04% close after the Labor Day holiday on top of last Fridays 1.12% gain.
These two back to back positive closes deserve attention. There have been only 488 of these since January 2000.
With this August 31 close, the total market drop has been cut to 5.1% since topping out on July 19.
In the 32 trading days since, the market closed up 17 times and turned down 15 times, with the median gain of .72% just half the magnitude of the median -1.39 decline.