S&P 500 Snapshot: A Weak Start To The Week - October 18, 2016

Today most major equity indexes around the globe got off to a weak start. The Shanghai Composite fell 0.74%, the Euro STOXX 50 closed with a 0.54% decline. Our benchmark S&P 500 stuttered at the open, hitting its 0.12% intraday high three minutes into the trade. This morning disappointing Empire Manufacturing and Industrial Production undercut hopes of a rally. The index drifted downward to its -0.40% intraday low in the early afternoon and traded sideways to its trimmed -0.30% close.

The yield on the 10-year note closed at 1.77%, down three BPs from the previous close.

Here is a snapshot of past five sessions in the S&P 500.

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Here's a daily chart of the S&P 500. Today's trading volume was on the light side. 

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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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