The S&P 500 went nowhere today, snapping a decelerating two-day rally. Trading action exhibited virtual paralysis, the second narrowest intraday trading range and the second lowest trading volume of the year to date. Why? With one day to go before the Memorial Day weekend, the market's focus is probably what Janet Yellen will say when she's presented with this year's Radcliffe Medal, presented annually to an individual who has had a transformative impact on society. The 500 ended the session with a 0.02% loss.

The yield on the 10-year note closed at 1.83%, down four basis points from the previous close.

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

Here's a daily chart of the index. Trading volume the second lowest of 2016.

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.