S&P 500 Snapshot: Opening Rally Loses Steam

The Shanghai Composite closed the day with a 5.79% gain, which was reflected in US pre-market futures. The S&P 500 surged at the open, hitting its 1.35% high six minutes into trading. But the optimism faded through the day, and the index gave back most of the advance, closing with modest gain of 0.23%.

The yield on the 10-year note closed today at 2.32%, up 10 bps below yesterday's close.

Here is a 15-minute chart of the past five sessions.

Here is a daily chart of the index, which remains below its 200-day moving average. Volume was unremarkable.

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.