In the S&P 500’s run to new highs over the last few weeks, overall volatility has really become subdued. For example, the S&P 500 hasn’t had an intraday swing of even 1% in more than a month now. The chart below shows streaks over the last ten years where the S&P 500 didn’t see a 1% spread between its intraday high and low and allows us to compare how the current streak stacks up to prior periods.
While the current 24 trading day streak without a 1% intraday move is far from the longest over the last ten years, there haven’t been a lot of streaks that were longer. Ironically enough, the three streaks that were the longest of the last ten years all occurred in the two years after the 2016 election. For all the turmoil that seems to surround this Administration, market turmoil hasn’t been one of them. Sign up for Bespoke’s “2020” special and get our upcoming Bespoke Report 2020 Market Outlook and Investor Toolkit.