S&P 500 Snapshot: A Modest Decline

The S&P 500 opened lower and traded in a narrow range between its -0.05% morning high ant its -0.38% lunch-hour low. In fact, the intraday range was the third smallest of the 222 market days so far in 2016. The index closed the session with a modest 0.16% decline. The yield on the 10-year note fell one BP to 2.22% and well off its 2.28% intraday high.

Here is a snapshot of the past five sessions.

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Here's a daily chart of the index. Trading volume hit a post-election low. 

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A Perspective on Drawdowns

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

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Here is a more conventional log-scale chart with drawdowns highlighted. 

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Here is a linear scale version of the same chart with the 50- and 200-day moving averages. 

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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.

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