Courtesy of Doug Short.
The S&P 500 rallied at the open, traded sideways for three hours and then drifted higher to its 1.09% close, which was just fractionally off its 1.10% intraday high. Today’s advance more than erasing yesterday’s -1.01% decline. For the week, the index is down 0.44%.
Today the yield on the 10-year Note closed at 2.12%, up 7 bps from the previous close and up 19 bps from last Friday’s close.
Here is a 15-minute chart of the past five sessions.
On a daily chart of the index, we see that it’s back above its 50-day moving average. Today’s rally came on lighter volume than the two-day selloff that preceded it.
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.
