Friday's global selloff continued yesterday as the S&P 500 plunged at open and continued through the morning. The sell-off recovered slightly over the following hours, but hit its -2.24% intraday low in the final hour. The index continues in the red at -2.12% year-to-date.
The flight to Treasuries continued yesterday as well. The 10-Year note closed at 1.46%, down 11 basis points from the previous session.
Here is a snapshot of the past five sessions in the S&P 500.
Here is a daily chart of the index, which has dropped below its 50-day moving average. Volume increased dramatically.
Here's a look at the VIX volatility index, the celebrated "fear gauge" market indicator. Yesterday's sell-off continued well above the 20 benchmark.
A Perspective on Drawdowns
Here's a snapshot of sell-offs since the 2009 trough:
Here is a more conventional log-scale chart with drawdowns highlighted:
Here is a linear scale version of the same chart with the 50- and 200-day moving averages:
A Perspective on Volatility
For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We've also included a 20-day moving average to help identify trends in volatility.
