The selling in the S&P 500 accelerated Friday, with the index dropping 1.07% for the day. This has been a relatively light week for US economic data, with a mixed bag of earnings taking the spotlight. Elsewhere the Grecian travesty has moved offstage, partially replaced by concerns about economic weakness in China. Against this backdrop, the S&P 500 finished the week with a 2.21% loss, the third worst of 2015. Next week, economic data picks up, with June durable goods headlining on Monday and the first peak at Q2 GDP on Thursday.
Here is a snapshot of the dearly departed week.
On a weekly chart we see that the index closed has again dropped below its 10-week moving average. The index has traded in a narrow range for the past five months.
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.