Sellers slammed the market in the first hour of trading this morning, but they ran out of gas quickly.  At 10:21 AM ET, the S&P 500 was down 1.54%.  From that low point in the day to the close, the index rallied more than 1.6% to close higher on the day.  You can see the huge move lower followed by the upside close in the six-month candle chart of the index below:

Below is our trading range chart of the S&P 500 over the last year.  Unlike the candle chart above, this chart only shows the index on a closing basis, and things look much less volatile when you eliminate all of the intraday swings that we’ve had this year.  While the market has gone through a rough patch recently, we remain stuck in a very tight sideways range that’s been in place all year.

As mentioned earlier, the S&P 500 was down more than 1.5% at its lows this morning, but it ended the day higher.  Since 1983 (that’s as far back as we have intraday data), the S&P 500 has only done that 42 other times!  We just sent out a report to subscribers taking a look at how the market performs in the near term following similar upside reversals.  Sign up for a 5-day free trial to Bespoke Premium to view the report, plus you’ll also receive all of the other content we’ve put out this week.