The following chart depicts the S&P500 in 10 minute intervals from July 20 through yesterday’s close. As such, it encompasses the progression of the stock market since its July 25 daily high of 1344.32:
(click on chart to enlarge image)(chart courtesy of StockCharts.com)
The blue line is a 50-period moving average.
What I find notable is the frequency and extent of the price volatility. As one can see, there have been several episodes of advances and declines of roughly 80-100+ points in rapid fashion – some even happening over the course of a few days.
While there are various ways to interpret such volatility, my overall belief is that such is (yet another) cautionary sign.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1144.04 as this post is written