The S&P 500 sank at the open to a morning low about 15 minutes into the session. A buy-the-dip trade promptly lifted the index to its -0.11% intraday high, after which it traded in a narrow range to mid-afternoon selloff to its -0.52% intraday low. Another round of dip buying trimmed the loss to -0.30% at the closing bell.
Here is a snapshot of the past five sessions.
Treasuries rallied, with the yield on the 10-year note closing at 2.33%, down seven BPs from the previous close.
Here is a daily chart of the index. Trading volume picked up on Tuesday's slump but remains unremarkable.
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.