The S&P 500 dropped at the open and slid to its -0.57% intraday low in the first half hour of trading. The financial news was all about creditor negotiations with Greece over a debt extension. After hitting its 10 AM low, the index reversed directions and trended in a rather straight line to its 0.61% closing gain, just off its 0.63% intraday high -- not a big gain, but enough for the 500 post its third record close of the year, all occurring within the last five sessions.
The yield on the 10-year note closed at 2.13%, up two bps from yesterday's close and 11 bps for the week.
Here is a 15-minute chart of the last five sessions.
Here is a daily chart of the S&P 500. Interestingly enough, even with the big opening spike in volume associated with options expirations, volume remained below 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.
