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The spread between the S&P 500’s intraday high and its intraday low today was just 0.26%. That ranks in the top 25 for most boring days over the last 30+ years (our intraday data goes back to 1984). It’s not surprising given the holidays. Markets nearly always die down at this time of year. You may remember the chart below if you’ve been reading Bespoke throughout the year — we’ve posted it a few times already. It shows the S&P 500’s average absolute percentage change for each trading day of the year going back to 1928. As you can see, daily volatility runs between +/-0.60% and +0.80% over the first two and a half quarters of the year before picking up significantly from late September through early November. Then we see the daily action fall off a cliff from mid-November through the end of the year, which is where we currently sit.