S&P 500 Snapshot: A Fractional Gain Snaps A Savage Three-Day Sell-off

Asian markets had another bad day with the Shanghai Composite plunging 5.29%. Europe fared better with the Euro STOXX 50 slipping a fractional 0.20%. The S&P 500 opened higher and hit its 0.71% intraday high about two minutes later. In then sold off to its -1.09% intraday low a little before 2 PM. The index then rallied in a couple of waves to its fractional 0.09% close, snapping a savage thee-day selloff.

The yield on the 10-year note closed at 2.17%, up 4 basis points from the previous close.

Here is a snapshot of past five sessions.

Here is a daily chart. Volume on today's reversal remains elevated from 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 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.