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S&P 500 Trading In Second-Narrowest Range Ever, Bespoke Investment Group Says
The S&P 500 has been trading in a significantly narrow range so far this year amid ongoing tariff uncertainty, but the index has returned to the levels it saw in late October after a “hibernation” period, note analysts at Bespoke Investment Group.
In a Sunday note, the analysts said that at its closing high for the year, the S&P 500 was up 1.94% year-to-date, while at the low of the year, it was down 0.71%. They point out that this 2.7 percentage point range between high and low is the second-narrowest spread as of Feb. 20 in the index’s history. The only year with a narrower range was the 2.1 percentage point range in 1966.
“On the positive side, the economy seems to be good (but not great), semis and transports are sending positive macro-signals, and the positioning of the three-headed monster of oil, the dollar, and rates should provide a tailwind for equities,” the analysts said.