That is a prime example of "volatility clustering": high values predict high values, low values predict low values. See Rob Engle (1982) and the very voluminous literature that followed (and rightly earned him a Nobel).
The S&P 500 went 94 days without a +/-1% change and then had 5 in 8 days.

Feb 7, 2018 · 2:58 PM UTC

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