Before the market opened yesterday, the April Durable Goods presented another mixed bag of data. On a brighter note, Core Capex rose 1.0%, although it's down 1/4% YoY. The S&P 500 dropped at the open and continued downward despite improved Consumer Confidence and better-than-expected New-Home Sales. The index hit its -1.26% intraday low near the beginning of the final hour of trading, which trimmed the daily loss to -1.03% yesterday.
The yield on the U.S. 10-Year note dropped 7 bps to close at 2.14%.
Here is a 15-minute chart of the past five sessions.
Yesterday's intraday low came close to the index's 50-day moving average. Volume on yesterday's sell-off was unremarkable.
A Perspective on Drawdowns
Here's a snapshot of sell-offs 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.
