On a day of light economic news, the S&P 500 traded in one of the narrowest intraday ranges of the year ... to be specific, the fourth narrowest of the 151 sessions so far in 2016. The lackluster session is a bit curious given the strong day for equities in Asia, modest gains in major European indexes and a nearly 3% pop in West Texas Crude. The index closed with a fractional loss of 0.09%.

The closing yield on the 10-year note remained unchanged at 1.59%.

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

Here is a daily chart of the index. Volume was unremarkable on today's record close. The major ETF that tracks the index (the SPY SPDR S&P 500 ETF, not illustrated here) finished the session with trading volume that was 26% below its 50-day moving average.

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.