Q2 GDP was adjusted upward in today's 3rd Estimate and the Michigan Consumer Sentiment Index remains at a 14-month high. The S&P 500 opened fractionally higher and traded in a narrow range through the lunch hour. An afternoon rally took the index to its 1.04% intraday high. The advance was trimmed to 0.86% at the close, erasing about half of yesterday's selloff. The loss for the week was -1.37%.
The yield on the 10-year Note closed at 2.54%, up 2 bps from yesterday's close but down 5 bps from last week's close.
Here is a 15 minute chart of the week.
On the weekly chart we can see that the index price is hoving near its 10-week 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.
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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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