S&P 500 Snapshot: Six-Day Win Streak Snapped | ETF Trends

The S&P 500 fell on Friday, snapping its six-day win streak. The index is currently up 3.12% year to date and sits 0.07% below its record close from January 25, 2024.

So far this year, the S&P 500 has already notched a new record high five times. The table below summarizes the number of record highs reached each year dating back to 2008.

Number of record high days

Here is a snapshot of the index over the past 5 days:

SPX - Five - Day

Here is a snapshot of the index from the past six months with a 50-day moving average:

SP 500 Index Last 6 Mos. with 50-day MA

The U.S. Treasury put the closing yield on the 10-year note, as of January 26th, at 4.15% which is above its record low (0.52% on 8/4/2020). The 2-year note is at 4.34%. ETFs associated with Treasuries include: iShares 1-3 Year Treasury Bond ETF (SHY)iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 20+ Year Treasury Bond ETF (TLT). See our latest Treasury Snapshot here.

S&P 500: A Perspective on Drawdowns

On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.

SPX Drawdowns since Oct 9 2007

What happens if we take out the Global Financial Crisis? Here’s a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.

SPX Drawdowns

Here’s a table with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.

Up Down 1 Percent

SP No. Days of Corrections as of today

Here is a linear chart of the index since October 9, 2007:

S&P 500 Index Snapshot

Here is a linearly scaled version of the same chart with the 50- and 200-day moving averages. As of November 3rd, the index has been above both its 50-day and 200-day moving averages.

SPX Snapshot MAs

S&P 500: A Perspective on Volatility

For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. I’ve also included a 20-day moving average to identify trends in volatility.

SPX Volatility Since 2007

S&P 500 versus S&P Equal Weight

The S&P 500 is market cap-weighted index which includes roughly the 500 largest U.S. stocks spanning 11 sectors. The S&P 500 Equal Weight Index includes the same constituents as the S&P 500 but each company is equally weighted at a fixed weight. So how do these two indexes match up against each other this year?

The S&P 500 is currently up 3.12% year to date while the S&P Equal Weight is down 0.22% year to date.

SPX Snapshot Equal Weight Comparison

ETFs associated with the S&P 500 include: iShares Core S&P 500 ETF (IVV)SPDR S&P 500 ETF Trust (SPY)Vanguard S&P 500 ETF (VOO)SPDR Portfolio S&P 500 ETF (SPLG), and Invesco S&P 500® Equal Weight ETF (RSP).

For more news, information, and analysis, visit the Innovative ETFs Channel.