With the big FOMC statement, economic projections and press conference behind us, the S&P 500 took a breather today, falling at the open and selling off to its -0.66% intraday low shortly before lunch. The index then spent the rest of the day trading in a narrow range to its trimmed closing loss of 0.49% on relatively light volume. The index is now 1.33% below its record close on March 2nd. Apparently the post-game analysis of the Fed data (as opposed to yesterday's knee-jerk reaction) put the market in a state of mild doldrums.
The yield on the 10-year Note rose 5 bps to close at 1.98%.
Here is a 15-minute chart of the past five sessions.
Volume on today's decline was on the light side.
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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