As the S&P 500 attempts to recover from April's drop, U.S. equities exhibited a "roller coaster" pattern of swings on Monday, with market lows repeatedly following, according to Bespoke Investment Group.
The analysis and money-management business Bespoke stated in an email on Tuesday that "the S&P 500 SPX opened higher,
quickly sold off in the morning, gave up nearly all its early gains, rallied into early afternoon only to drift lower into the close.
The stock subsequently fell back into the morning's lower trading range.
The emotional swings likely looked like the comments in the chart below for a nervous investor watching every tick."
What we can tell you is that yesterday's intraday pattern is fairly frequent and the type of behavior you commonly see as the market is coming out of a low point in the slide,
Bespoke said, "but we have no idea whether Friday's closing was the low point of this month's decline."
With an April 19 closing price of 4,967.23, the S&P 500 fell below 5,000 for the first time this month. On Monday, the index recovered from six consecutive days of losses, and on Tuesday afternoon, it continued to rise.
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