The S&P 500 was down three out of five days this week, closing Friday up 0.22% from Thursday. The index is down 1.61% from last Friday and has seen declines each of the last Fridays, week over week. It is up just 1.5% YTD.

The U.S. Treasury puts the closing yield on the 10-year note at 3.08%.

Here is a daily chart of the S&P 500. Today's selling puts the volume 10% above its 50-day moving average.

Here's a snapshot of the index going back to December 2008.

A Perspective on Drawdowns

Here's a snapshot of record highs and selloffs since the 2009 trough.

Here's a table with the number of days of a 1% or more change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.

Here is a more conventional log-scale chart with drawdowns highlighted.

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

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. We've also included a 20-day moving average to help identify trends in volatility.