The S&P 500 hit its -0.20% intraday low five minutes into the session and then recovered to a narrow trading range around the flat line through most of the session. A small rally in the final 30 minutes lived the index to its modest closing gain of 0.18%, putting it only 0.22% below the record close on January 6th.
Here is a snapshot of the past five sessions.
Treasuries reversed yesterday's gain, with the yield on the 10-year note closing at 2.42%, up nine BPs from the previous close.
Here is a daily chart of the index. Trading volume was light as we move toward the Trump inauguration.
A Perspective on Drawdowns
Here's a snapshot of record highs and selloffs 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.
