One Percent Moves Are More Common Than Uncommon

Typically, a daily move of one percent in the S&P 500 is considered a big up or down day.  This year, however, moves of one percent or more have become the norm.  Over the last twenty trading days, the S&P 500 has risen by at least one percent seven times and declined by more than one percent on eight occasions.  This makes a total of fifteen one percent days over a twenty day period.  In the chart below, we highlight prior occasions since 1990 where the S&P 500 had fifteen one percent days over a twenty trading day period.  As shown, the volatility we have seen in the market is extremely uncommon.

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