The S&P 500 dropped again this week, losing over 70 bps from its mid-week high. The index ended the week down 1.9% from Friday, down 7.29% year-to-date, and 7.88% below its record close.

The U.S. Treasury puts the closing yield on the 10-year note as of Feb. 11 at 1.92%, which is above its record low (0.52% on Aug. 4, 2020). The 2-year note is at 1.5%.

Here's a snapshot of the index going back to 2012.

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.

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.