Duration may matter more than magnitude

While things definitely don’t feel ‘good’, it could get a whole lot worse. This week we took a look at SPX price levels going back to 1950 and compared every single day with its most recent high. It’s a ton of data, but the output is below. The point is, while this has been a pretty rapid, painful selloff, it actually looks quite short and relatively shallow compared to prior periods of economic uncertainty.