Optimism on a Greek deal pleased the markets in Asia, Europe and the US. The Shanghai Composite was up 2.41%, the DAX 1.49%, and our benchmark S&P 500 closed with a 1.11% gain. The yield on the 10-year note closed the day at 2.44%, up 2 bps from Friday's close and only 6 bps below the 2015 closing high.
Here is a 15-minute chart of the past five sessions, the last three of which opened with a jumbo surge. The first of those faded but the second was followed by a drift higher. Today's opening rally was followed by narrow sideways trading with a modest trend higher in the final 90 minutes.
We can see on a daily chart that today's closed was right on its 50-day moving average. It will be interesting to see if this popular benchmark provides some resistance in tomorrow's action. Trading volume has been light over the last two sessions.
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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