S&P 500 Snapshot: -1.08% for the Day, Hovering Near Correction

This morning's surprisingly strong employment report for December appeared to give US equities a respite from the global selloff, but it wasn't to be. The S&P 500 hit its 0.89% intraday high shortly after the open and sold off in a couple of waves to its -1.27% intraday low shortly before the close. The final tally for the day was -1.08%, which puts the index down nearly six percent after the first five days of trading in 2016 and -9.80% off its record close last may. That just a tad above the conventional -10% correction benchmark. The Dow and Nasdaq are already in correction territory, down -10.74% and -11.02% respectively.

The yield on the 10-year note closed at 2.13%, down 3 basis points from the previous close.

Here is a snapshot of past five sessions.

Here is a daily chart. Volume remained elevated on today's selloff.

A Perspective on Drawdowns

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

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

Here is the same chart with the 50- and 200-day moving averages. The 50 crossed below the 200 on August 28th.