Thursday's record close was followed by a muted Friday. The pre-market open economic news was weak, most notably the disappointing July Retail Sales. The S&P 500 opened lower, recovered to is minuscule 0.02% intraday high and then sold off to its -0.29% intraday low at the end of the lunch hour. A partial afternoon recovery trimmed the loss to -0.08%, which tallied to a lackluster weekly gain of 0.05%.

Treasuries rallied on the Retail Sales disappointment. The closing yield on the 10-year note rose fell six basis points to 1.51%.

Here is a snapshot of past five sessions in the S&P 500.

As we see on the daily chart, trading volume was vacation-season light.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough.

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.