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.