The S&P 500 hit its -0.20% intraday low five minutes into the session and then recovered to a narrow trading range around the flat line through most of the session. A small rally in the final 30 minutes lived the index to its modest closing gain of 0.18%, putting it only 0.22% below the record close on January 6th.

Here is a snapshot of the past five sessions.

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Treasuries reversed yesterday's gain, with the yield on the 10-year note closing at 2.42%, up nine BPs from the previous close.

Here is a daily chart of the index. Trading volume was light as we move toward the Trump inauguration.

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A Perspective on Drawdowns

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

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Here is a more conventional log-scale chart with drawdowns highlighted. 

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Here is a linear scale version of the same chart with the 50- and 200-day moving averages. 

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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.

(Click on image to enlarge)