S&P 500′s New All-Time High: A Long, Strange Trip in Pictures

At last! We got a new all-time high in the S&P 500, despite some not-so-hot economic news. The Third Estimate of Q4 2012 GDP was less than half a nostril above water, weekly unemployment claims shot up, and some of the regional manufacturing data was disappointing. But there were no riots in Cyprus (where catatonia reigns).

The S&P 500 bobbled at the open but about 45 minutes later mounted enough of a rally to close the day up 6.34 points. That was about four points more than it need for that new high. The daily gain of 0.41% put the index 0.26% above its previous high on October 9, 2007.

Here’s a 15-minute view of the week so far.

SPX-130328

Here a daily chart of the S&P 500, which illustrates the continued weak volume, despite approaching the end of the quarter.

SPX-130328-b

And if we look at the SPY ETF, the volume shows even less conviction in the trader mentality.

SPY-130328

The S&P 500 is now up 10.03% for 2013 and, as mentioned above, at a new all-time high. It is 131.95% above the March 2009 closing low. Now for the sexy charts…

 

Doug Short Ph.d is the author of dshort at Advisor Perspectives.