How volatile has the market been lately? Over the last five weeks, the S&P 500's average absolute daily percentage change has been plus or minus 4.8 percent. That's higher than we saw at the height of the financial crisis or after the 1987 crash. The only time the S&P's average daily move over a five-week period was greater was after the Crash of 1929.
The S&P 500 calmed down a little yesterday, dropping by just 0.16 percent and breaking a string of 12 straight days of moving up or down 1 percent or more. Those 12 days were a longer streak than anything seen during the financial crisis.
What makes this current streak even more notable is that it was almost the second 13-day streak of 1 percent moves in the last 27 trading days. From March 2 through 18, the S&P 500 went 13 straight days of moving up or down 1 percent. It broke that streak in March 19 by rallying just 0.47 percent. So in the last five weeks the S&P 500 has seen a 1 percent move 23 times in 25 trading days.
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