USMC - All Or Nothing Comes Back
2024-03-28 15:10:00 ET
Summary
- Although the S&P 500 is ending the week little changed (as of this writing it is trading 7 bps higher today), yesterday's gain came in at a more impressive 86 bps.
- Besides the size of the move higher was that the gain occurred on very strong breadth with the S&P 500 registering an "All or Nothing Day".
- Recently, all-or-nothing days have been hard to come by. On a rolling 200-day basis, only 4.5% of days have registered such readings.
Although the S&P 500 is ending the week little changed (as of this writing it is trading 7 bps higher today), yesterday's gain came in at a more impressive 86 bps. Besides the size of the move higher was that the gain occurred on very strong breadth with the S&P 500 registering an "All or Nothing Day". We consider any day an "All or Nothing Day" when the daily advance/decline line (the difference between the number of S&P 500 stocks rising and falling on a given day) comes in at above +400 or below -400. In other words, these are days when broad swathes of the market trade in the same direction. Recently, all-or-nothing days have been hard to come by. On a rolling 200-day basis, only 4.5% of days have registered such readings. Following very elevated readings just one year ago, current levels are now down around some of the lowest of the past two decades....
All Or Nothing Comes Back