S&P 500 Snapshot: Officially A Bear Market

The S&P 500 dropped on open today, fell through midday, recovered, and then dropped back to below its open. We are officially in a bear market as today's close is 26.74% below its all-time closing high. The market is down 9.5% from yesterday and down 23.2% YTD.

The U.S. Treasury puts the closing yield on the 10-year note at 0.88%, above its all-time low, which was on March 9. The 2-year note is at 0.50%.

Here's a snapshot of the index going back to 2010.

A Perspective on Drawdowns

Here's a snapshot of record highs and selloffs since the 2009 trough.

Here's a table with the number of days of a 1% or more change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.

(Click on image to enlarge)

(Click on image to enlarge)

Here is a more conventional log-scale chart with drawdowns highlighted.

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

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.