The S&P 500 finished the week at its lowest level in over seven months and is now inches away from correction territory, sitting 8.74% off its all-time high from January 27,2026. The index posted its fifth consecutive weekly loss, its longest streak since 2022, falling 2.1% from last Friday. Here is a snapshot of the index from the past week:
The table below summarizes the number of record highs reached each year dating back to 2013.
Here is a snapshot of the index from the past six months with a 50-day moving average:
S&P 500: A Perspective on Drawdowns
On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.
What happens if we take out the Global Financial Crisis? Here’s a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.
Here are a few tables with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high).
And here is a linear chart of the index since October 9, 2007:
Here is a linearly scaled version of the same chart with the 50- and 200-day moving averages. The index has been below the 50-day moving average since February 27th, 2026 and below the 200-day moving average since March 19th, 2026. Additionally the 50-day moving average has been above the 200-day moving average since July 1st, 2025.
S&P 500: A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. On April 9th, 2025, the index experienced its largest intraday price volatility (10.77%) since December 24th, 2018 (19.10%). Also included is the 20-day moving average to identify trends in volatility. Over the past 20 days, the average percent change from the intraday low to the intraday high is 1.33%.
S&P 500 versus S&P Equal Weight
The S&P 500 is market cap-weighted index which includes roughly the 500 largest U.S. stocks spanning 11 sectors. The S&P 500 Equal Weight Index includes the same constituents as the S&P 500 but each company is equally weighted at a fixed weight. So how do these two indexes match up against each other this year?
The S&P 500 is currently down 6.96% year to date, while the S&P Equal Weight is down 1.56% year to date.
ETFs associated with the S&P 500 include: iShares Core S&P 500 ETF (IVV), SPDR S&P 500 ETF Trust (SPY), Vanguard S&P 500 ETF (VOO), SPDR Portfolio S&P 500 ETF (SPYM), and Invesco S&P 500® Equal Weight ETF (RSP).
Originally published on Advisor Perspectives
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Facts Only
The S&P 500 finished the week at its lowest level in over seven months.
The index is 8.74% below its all-time high from January 27, 2026.
The S&P 500 posted its fifth consecutive weekly loss, falling 2.1% from the previous Friday.
The index has been below its 50-day moving average since February 27, 2026.
The index has been below its 200-day moving average since March 19, 2026.
The 50-day moving average has been above the 200-day moving average since July 1, 2025.
On October 9, 2007, the S&P 500 reached an all-time high of 1565.15.
On March 9, 2009, the index closed at 676.53, a ~57% drop from its 2007 peak.
The index reached a new all-time high on March 28, 2013, closing at 1569.19.
On April 9, 2025, the S&P 500 experienced its largest intraday volatility (10.77%) since December 24, 2018.
The S&P 500 is down 6.96% year-to-date, while the S&P 500 Equal Weight Index is down 1.56%.
ETFs associated with the S&P 500 include IVV, SPY, VOO, SPYM, and RSP.
Executive Summary
Full Take
The narrative presents a clear picture of market volatility and historical context, but it’s worth examining the framing. The emphasis on the S&P 500’s decline and proximity to correction territory could evoke concern, but the data is presented neutrally without overt emotional manipulation. The inclusion of historical drawdowns, like the Global Financial Crisis, provides perspective but risks anchoring readers to past extremes rather than current fundamentals. The comparison between the market-cap-weighted and equal-weight indices is useful, suggesting divergence in performance that may reflect concentration risks in large-cap stocks.
Patterns detected: none
The root cause of this narrative appears to be a straightforward reporting of market movements, though the focus on declines and volatility could subtly reinforce a bearish sentiment. The unstated assumption is that past drawdowns are predictive of future behavior, which may not account for structural changes in markets or macroeconomic conditions. The implications for human agency are minimal here—this is data, not a call to action—but the framing could influence investor behavior, particularly if readers overgeneralize historical patterns.
Bridge questions: How might the performance divergence between the S&P 500 and its equal-weight counterpart inform portfolio strategies? What macroeconomic factors, not mentioned here, could explain the current market dynamics? Would the inclusion of global market comparisons change the interpretation of these trends?
Counterstrike scan: If this were part of a coordinated influence campaign, the playbook might involve amplifying fear around market corrections to drive specific investment behaviors (e.g., selling or buying protective instruments). However, the content here is factual and lacks the hallmarks of manipulation, such as exaggerated claims or emotional triggers. The analysis remains within the bounds of objective reporting.