The S&P 500 sank to its modest -0.25% intraday low shortly after the opening bell. With no economic news on tap, the focus of the day would be the afternoon release of the FOMC minutes. Sure enough we got a typical 2 PM fast-money trade, with the index rising to its 0.32% intraday high (a record one at that). But the minutes contained nothing to sustain the rally. The 500 then sold off to its fractional -0.09% close.

The official yield on the 10-year note closed at 2.26%, down one bp from the previous close.

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

Volume was unremarkable.

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.