The latest example of zero volatility in the market comes courtesy of the S&P 500’s intraday trading range.Over the last 50 sessions, the S&P 500’s average percentage spread between the intraday high and intraday low has been 0.540%.Going back to 1983, when our database of intraday data begins, there has only been one other time where the S&P 500’s 50-day average intraday range was narrower.That was back in early February 1994 when the average range got as low as 0.539%, so the current narrow range is close to a record.But it gets even better. Barring a big intraday move tomorrow (greater than 1% – an intraday range we haven’t seen since mid-December), the S&P 500’s average daily range will drop below the record low of 0.539% that has been in place for nearly a quarter of a century.
