The S&P 500 extended is big 1.15% Friday rally of with a modest gain today of 0.28%. In fact, the trend of Friday's advance continued unbroken through most of the morning, reaching its 0.69% intraday high around 11:20 AM. Today was empty of economic news, although global stresses continue to simmer. The index slowly gave back over half its gains during the afternoon.
The big economic news this week will be Wednesday's Retail Sales, although we won't have an official deflator for Real Retail Sales until the CPI data is released the following week.
The yield on the 10-year Note closed at 2.44%, unchanged from Friday's close.
Here is a 15-minute chart of the past five sessions. The S&P 500 is up 4.79% year-to-date and down 2.57% from its record close on July 24th.
Today's volume was light, about 14% below its 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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