Courtesy of Doug Short.
Fed Chair Yellen’s first day of her two-day semi-annual congressional testimony had little impact on today’s market. The S&P 500 again traded in a narrow intraday range from its -0.18% low shortly after the open to its 0.39% high about 20 minutes before the close, which saw a trimmed gain of 0.28%.
Interestingly enough, the six smallest intraday ranges of the 36 market days in 2015 have occurred within the past seven sessions and trading volume has been light.
The yield on the 10-year note closed at 1.99%, down seven bps from yesterday’s close.
Here is a 15-minute chart of the last five sessions.
Here is a daily chart of the SPY ETF, which gives a better sense of investor participation than the underlying index. Volume was again about half its 50-day moving average.
A Perspective on Drawdowns
Here’s a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
