The S&P 500 finished the week essentially flat ... down a microscopic 0.06% from last Friday's close. But the days in between featured some drama. Tuesday's session ended with a record close, the eighteenth of 2016 and the eighth since the Trump win. But Wednesday gave is a mini-tempest following the Fed's decision to hike the Fed Funds Rate. Thursday reclaimed about half of Wednesday's loss. But despite the Wednesday volatility, today's -0.18% close ended a fairly smooth downtrend from Tuesday's intraday record high.

Here is a snapshot of the past five sessions.

The yield on the 10-year note closing at 2.60%, unchanged from the previous close.

Here is weekly chart of the index, which gives us a clear picture of the post-election rally, with perhaps some assistance from Santa.

A Perspective on Drawdowns

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

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.