S&P 500 opened lower and sold off in a couple of waves to close at its intraday low at -1.62%. Anxieties in Europe set the tone, with the DJ Euro Stoxx 50 plunging 2.91%. The market has also been disconcerted by the ongoing decline in West Texas Crude Oil, which is down 3.67% as I type this. Today's big jump in the Michigan Consumer Sentiment made was irrelevant to today's trade. The S&P 500 is down 3.15% for the week (last Friday being a record close). That's the worst weekly performance for the index since the -4.30% loss in mid-May 2012.
The yield on the U.S. 10-Year Note ended the day at 2.18%. That's 21 bps off last Friday's close.
Here is a 15-minute chart of the week.
Here is a weekly chart of the SPY ETF, which gives a better sense of investor participation. Today's close puts it right at its 10-week moving average on above-average weekly volume.
A Perspective on Drawdowns
We're now five 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.
