S&P 500 Snapshot: Second Day Of Selling

Today the S&P 500 moved higher in early trading, hitting its 0.35% intraday high about 90 minutes after the open. It then reversed directions and trended lower in a gradual move until it approached the break-even point at mid-afternoon. Selling then accelerated, dropping the index to its -0.32% intraday low. It ended the session slightly off its low with a -0.30% loss for the day.

The 10-year yield closed today at 2.40%, up 2 bps from yesterday's close and 10 bps off its 2015 high.

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

On a daily chart of the index we see that today's selling was on modest volume, but the index has now slipped below its 50-day price moving average.

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.