S&P 500 Snapshot: The Bounce Fades In The Final Hour

I'm watching the benchmark S&P 500 while vacationing on a Rhone River cruise with limited and unpredictable Internet access. My expectation, based on pre-market futures and European indexes, was a strong bounce after the five-day selloff into a technical correction. As expected, the index rallied at the open and rose to its 2.90% intraday high in the late morning. But the rally gradually faded during the afternoon, and selling in the final hour logged day six of the selloff with a 1.35% loss for the day. The 500 is now down 9.29% for the year and 12.35% off its record close in May.

Here is a snapshot of past five sessions.

On a daily chart we see that volume today was well above its 50-day moving average but lower than yesterday.

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.