Yesterday was a volatile day for US equities. The S&P 500 experienced a 2.25% low-high intraday range. It opened in the red and rallied to its 1.37% intraday high in the late morning and then sold off in a couple of waves to its -0.85% loss, fractionally off its intraday low. The big event of the week is tomorrow's Fed minutes, forecasts and Chair Yellen's press conference. Meanwhile the yield on the 10-year Note ended the day at 2.07%, 5 bps below yesterday's close and the lowest yield since May 2013.
Here is a 15-minute chart of the past five sessions.
Here is a daily chart of the SPDR S&P 500 ETF (ARCA:SPY), which gives a better sense of investor participation in yesterday's action. Volume was 84% above its 50-day moving average.
A Perspective on Drawdowns
We're now six days off the record close in the S&P 500. 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.
