S&P 500 Snapshot: Index Flirts With 7,400

The S&P 500 capped the week off with another record high, flirting with the 7,400 milestone.
With a 2.3% weekly gain, the index has now climbed for six consecutive weeks, matching its longest winning streak since October 2024. 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 above the 50-day moving average since April 8th, 2026 and above the 200-day moving average since April 8th, 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 0.80%.
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 up 8.08% year to date, while the S&P Equal Weight is up 6.48% 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 capped the week with a record high, approaching the 7,400 milestone.
* The index achieved a 2.3% weekly gain, marking six consecutive weeks of climbing.
* The index reached a then all-time high on March 28, 2013, closing at 1569.19.
* The S&P 500 experienced its largest intraday price volatility (10.77%) since December 24th, 2018.
* The S&P 500 is currently up 8.08% year-to-date.
* The S&P Equal Weight Index is up 6.48% year-to-date.
* ETFs associated with the S&P 500 include IVV, SPY, VOO, SPYM, and RSP.
* The S&P 500 is a market cap-weighted index.
* The S&P Equal Weight Index equally weights all constituents.

Executive Summary

The S&P 500 index recently achieved a record high, demonstrating a 2.3% weekly gain and marking six consecutive weeks of climbing. This performance brings the index close to the 7,400 milestone. Historical context shows that this trajectory follows periods of significant volatility, including the Global Financial Crisis of 2007-2009. Analysis of the index’s performance also highlights structural differences between market capitalization weighting and equal weighting. While the S&P 500 is up 8.08% year-to-date, the S&P Equal Weight Index is up 6.48% year-to-date, suggesting different risk profiles across the two indexes. Furthermore, data indicates a correlation between closing prices and intraday volatility, with recent periods showing high price fluctuation.

Full Take

The juxtaposition of recent record highs against the backdrop of historical selloffs, particularly the 2007 Global Financial Crisis, suggests that current market performance exists within a cycle of historical extremes. The recent focus on continuous upward momentum masks the inherent volatility, which is evidenced by the large fluctuations observed in intraday price ranges. This pattern raises a question about whether the sustained upward trend is reflective of fundamental, sustainable growth or a temporary deviation from a long-term equilibrium, especially when considering the structural divergence between market-cap weighting and equal weighting. The fact that the S&P 500 (market cap-weighted) outperforms the S&P Equal Weight (equal weight) year-to-date suggests that the concentration of weight in the largest stocks amplifies returns but also concentrates risk. Recognizing this difference is critical for understanding true diversification and risk exposure beyond mere index percentage gains.

Sentinel — Likely Human

Confidence

The content is highly structured and factually dense, exhibiting patterns typical of data synthesis, which strongly suggests machine assistance in generating the presentation of the information.

Signals Detected

Transition homogeneity and structural uniformity: The text flows mechanically, focusing on data points and transitions between historical events, lacking the erratic rhythm and idiosyncratic emphasis typical of human financial journalism.

Coherence-without-conviction: The text is perfectly fluent and factually structured but lacks a personal voice, idiosyncratic emphasis, or the natural rhetorical shifts that characterize human narrative writing.

Argumentative skeleton matching: The structure (introduction of current data, historical context via specific dates, comparison of indices) aligns perfectly with established statistical reporting templates, suggesting pattern matching rather than organic narrative construction.

Statistical precision and structure: The specific referencing of dates, percentages, and the implied existence of complex, linearly scaled charts suggests content derived from a systematic data source or advanced LLM synthesis of documented financial data.

Human Indicators

The text is devoid of subjective interpretation, opinion, or narrative framing, relying entirely on sequential presentation of historical and current metrics.

The vocabulary is precise and standard for financial reporting, which is consistent but uncharacteristic of a high-level human analyst's style.