Today’s decline following yesterday’s surge is quite small compared to the S&P500′s mean change when prices, on the next day, move in the opposite direction of the previous close. These daily changes averaged near one percent in this bull market. That is far greater than today’s S&P500 decline of -.06 percent.
The diagram shows that bull market price variations, when the S&P500 changes direction, are far smaller than those occurring when prices are trending down.
DJIA .07 percent
NASDAQ -.29 percent
S&P500 -.06 percent
