Today the S&P 500 went nowhere, closing the session a tiny 0.03 points higher than yesterday, which takes three decimal places to register above zero. Interestingly enough, the intraday range from the -0.46% morning low to the 0.40% mid-day high was typical price volatility, coming in at the 58th percentile of the 150 market days of 2014. But the 0.002% price change was the smallest since April 2013. During the last two hours of the day, volatility essentially flatlined.
Similarly flat was he yield on the 10-year Note, which closed at 2.49%, unchanged from yesterday. It remains only 5 bps above its interim closing low of May 28th.
Here is a 15-minute chart of the past five sessions. The S&P 500 is up 3.89% year-to-date and down 3.41% from its record close on July 24th.
Interestingly, today's road to nowhere had no shortage of trading volume. As market technicians observed, this morning's low was a bounce off the 100-day price moving average.
A Perspective on Drawdowns
The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
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