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A drop of 8.8% from its April recovery high isn’t anything to call home about, but, as points out in a very interesting piece of analysis today, that makes the Standard & Poor’s 500 Stock Index one of the best performing in the world.

And, as goes on to note, the index is showing some signs of stabilizing.

The index bounced off its 200-day moving average for the third time in the past two weeks today, May 19. That kind of testing of a support level can be a sign that a market is finding a base.

Certainly the S&P has done better than the Shanghai Composite Index, now down 25.6% from its peak, France’s CAC down 14%, Hong Kong’s Hang Seng down 12.5%, London’s FTSE down 11.6%, Japan’s Nikkei down 10.7%, and India’s Sensex down 9.1%.

Only Germany’s DAX, oddly enough, has outperformed the U.S. S&P 500. It’s down just 5.6% from its peak.