Two days I pointed out that the last two S&P 500 sessions had the second and third smallest intraday ranges in two decades. Well yesterday that changed. The intraday range (0.28% to -0.73%) increased to 1.02%, which is the 72nd percentile of the year so far. The index closed off its late-day low for a decline of 0.64%.

With tomorrow's Durable Goods Orders and the 3rd Estimate of Q1 GDP (which is expected to be revised downward), we may see some additional volatility.

The yield on the 10-year note ended the day at 2.59%, down 4 bps from yesterday's close. It is now 15 bps above its interim closing low of May 28th.

Here is a chart of the past five sessions.

Here is a daily snapshot of the SPY ETF. Volume ticked up, but its only 8% above its down-trending 50-day moving average.

For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

Click for a larger image

Click for a larger image