The S&P 500 spent the morning in a relatively narrow range with yesterday's closing price as a glass ceiling. It began selling off to its -0.51% intraday low during the lunch hour and then slowly chugged to its 0.24% intraday high in the final hour. But the gain didn't hold, and the index ended flat to two decimal places. As for that intraday range of 0.75%, it's the third smallest of the 28 sessions so far this year.
The yield on the 10-year note closed at 2.00%, down one bp from yesterday's close.
Here is a 15-minute chart of the last five sessions.
Here is a daily chart of the index, which hold a fractional 0.47% year-to-date gain. Trading volume was unexceptional.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough. The S&P 500 is 1.05% off its record close on December 29th.
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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