I was watching the benchmark S&P 500 while vacationing on a Rhone River cruise with limited and unpredictable Internet access. My expectation, based on pre-market futures and European indexes, was a strong bounce after the five-day selloff into a technical correction. As expected, the index rallied at the open and rose to its 2.90% intraday high in the late morning. But the rally gradually faded during the afternoon, and selling in the final hour logged day six of the selloff with a 1.35% loss for the day. The 500 is now down 9.29% for the year and 12.35% off its record close in May.
Here is a snapshot of past five sessions:
On a daily chart we see that volume yesterday was well above its 50-day moving average, but lower than Monday:
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:
