Today the S&P 500 took an afternoon pause following its two-day rally. Why? The popular press points to a routine mish-mish of explanations: West Texas Crude closed up, but so did the Dollar. And of course today was the beginning of the latest FOMC meeting. The index opened higher and oscillated to its 0.44% intraday high 75 minutes later. It then traded sideways until mid-afternoon, at which point it rolled over to its -0.21% close, just fractionally off its intraday low in the final seconds � no doubt a bit of pre-FOMC caution.
Today the yield on the 10-year Note fell 3 bps to 1.89%.
Here is a 15-minute chart of the past five sessions.
Here is a weekly chart of the SPY ETF, which gives a better sense of investor participation, which was definitely on the light side today, as weak volume attests.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
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