Courtesy of Doug Short.
With no economic announcements on tap today, attention to Q1 earnings apparently took center stage. The S&P 500 opened higher and hit its 0.27% intraday high late in the opening hour of trading. It then began a relatively steady downward trend to its -0.46% close, snapping a three-day rally. Before the market opens tomorrow, we’ll get some major economic news: the Producer Price Index, and more importantly, the advance report on March Retail Sales. The consensus is that headline sales will rise 1.0%, which would be a welcome reversal of a three-month contraction.
Today the yield on the 10-year Note closed at 1.94%, down 2 bps from the previous close.
Here is a 15-minute chart of the past five sessions.
A daily snapshot of the SPY ETF shows weak participation in today’s trade.
A Perspective on Drawdowns
Here’s a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
