The S&P 500 continued the sell-off that began Thursday morning. The index stuttered at the open, hitting its 0.17% intraday high about 35 minutes into the trade and then moved lower in a couple of waves to its fairly narrow afternoon trading range. It bounced off its -0.52% intraday low about 20 minutes before the close to its -0.35% close.

The sell-off in Treasuries continue today. The yield on the 10-year note closed at 2.45%, up eight BPs from the previous close and an interim high, the highest close since late June of 2015. The intraday high in TNX, the CBOE 10-year yield index hit 2.49%, the highest intraday reading in 27 months.

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Here is a daily chart of the index. Trading volume has noticeably increased over the past two sessions of selling. 

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A Perspective on Drawdowns

Here's a snapshot of 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.

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