There was a fair amount of chatter last week about the fact that the S&P 500 has been stuck around the 2,100 level for much of 2015.  In fact, outside of two days earlier this year and the period following the August sell-off, the S&P 500 been stuck within a 5% range above and below 2,100 all year.  As a result of the narrow range, the S&P 500 has crossed the 2,100 level to either the upside or downside on a closing basis 36 times this year.

S&P 2100

The table below lists the number of times the S&P 500 crossed various 100 point thresholds (to the upside or downside) from 100 up to 2100.   The level that has seen the most crosses on a historical basis is 1,300 which has been crossed 75 times.  After 1,300, the next most frequent levels crossed are 1,100 (71), 1,400 (65), and 1,200 (59).  Of all the 100-point milestones, 2,100 currently ranks as 5th out of 12.  That may not sound like much, but when you consider the fact that 2,100 was first crossed less than a year ago, that’s a lot of crosses!  All the other levels that have been crossed more often than 2,100 did so over a period of ten years, whereas 2,100 has had less than a year to work with.  Hopefully for anyone long equities, though, 2,100 sees its number of crosses end at 37.

100 point table

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