The S&P 500 hit its 0.11% intraday high five minutes into the session and then sold off steadily to its 2 PM plunge to its -0.59% intraday low. A weak buy-the-dip strategy trimmed the closing loss to -0.36%. The 500 has alternated between gains and losses for the past six sessions. Its elderly cousin, the Dow, has posted five consecutive losses and eight declines over the past ten sessions.

Here is a snapshot of the past five sessions.

Treasuries sold off again today, with the yield on the 10-year note closing at 2.47%, up five BPs from the previous close following a 9 BP increase the session before that.

Here is a daily chart of the index. The Trump rally has been on hold for the past two dozen sessions.

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.