2% Days

Today, the S&P 500 is coming very close to ending a streak that has been the longest in its history.  The index hasn't had a one-day percentage change of 2% or more (either up or down) in 986 calendar days (10/1/03).  The next longest stretch the index went without a similar move was from 10/3/75 to 4/14/78.  We'll update this at the end of the day if in fact the streak does end.

Update:

So the S&P 500 finally has a 2% day ending the longest such streak in its history.  The chart below highlights each period where the index went 500 or more days without a 2% move.  We also calculated the average absolute daily change during and after each streak and found that daily volatility picks up following these long stretches- fasten your seatbelts...

Comments

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Combine this interesting stat with the one mentioned on Sentimentrader.com...Up volume beat Down volume by 22:1. That's the 4th highest reading in 44 years!

We're set up for a higher low...that will be bought aggressively.