The S&P 500 dropped from its mid-day highs to a low within a few basis points of its 200-day moving average. It then rallied during the final hour for a fractional gain of 0.18%. The S&P 500 now up 0.80% year-to-date but down 7.24% from the interim high of April 29. From a longer perspective, the index is 87.4% above the March 2009 closing low and 19.0% below the nominal all-time high of October 2007. Below are two charts of the index — with and without the 50 and 200-day moving averages.
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.
For a bit of international flavor, here's a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped "recovery" of the Nikkei 225. I update these weekly.
These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.
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