Yesterday the S&P 500 fell 0.81% in the wake of the 2 PM news of a Fed rate hike. Today the index rallied to its late-morning 0.84% intraday high, erasing yesterday's selloff. But the level didn't hold. The index closed the session with a substantially trimmed 0.39%, which reclaimed about half of the rate-hike loss.

Here is a snapshot of the past five sessions.

The yield on the 10-year note closing at 2.60%, up six BPs from its previous close and the highest closing yield since September 18, 2014.

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.