Before the market opened, the ADP Employment Report for April disappointed expectations. The S&P 500 opened higher and rose to its 0.43% intraday high about four minutes later. It then zigzagged a bit before settling into a steady continuation of yesterday's downtrend to its -1.03% intraday low. The index rallied during the final hour to a more modest loss of 0.45%. Of particular interest was Federal Reserve Chair Janet Yellen's comment that "equity valuations at this point generally are quite high." She made this remark at a DC conference sponsored by Institute for New Economic Thinking (more here).

Is the equity market overvalued? See our latest overview of the topic:

• The Market Remains in Overvaluation Territory

The yield on the 10-year Note closed at 2.25%, up 6 bps from yesterday's close, its highest close since December 24th of last year.

Here is a 15-minute chart of the past five sessions.

On a daily chart of the index, we see that it's now below its 50-day moving average. Volume on day two of the latest selloff came was about 6% above its 50-day moving average.

A Perspective on Drawdowns

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

For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.