On the second market day of 2016 the S&P 500 posted another advance, up 0.57% and just 0.04% below its December 13th record close. In fact the 0.66% intraday high about 17 minutes before the close was above that December close.

Here is a snapshot of the past five sessions.

(Click on image to enlarge)

The yield on the 10-year note closed at 2.46%, up one BP from the previous close.

Here is daily chart of the index. Trading volume eased a bit on today's advance.

(Click on image to enlarge)

Perspective on Drawdowns

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

(Click on image to enlarge)

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

(Click on image to enlarge)

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

(Click on image to enlarge)

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)