The chart below highlights the rolling number of 1% days (up and down) for the S&P 500 over a 200-day period. The red lines in the chart indicate declines in the S&P 500 of at least 10%. After hitting its lowest levels since 1996 in May, the 200-day moving average has increased sharply. While these periods of rising volatility can go on for several months (if not years), since 1950, the S&P 500 has had at least one 10% decline before the moving average turned lower.
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