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....
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All Or Nothing Comes Back