The pre-market economic news was a 7K rise in new jobless claims, a bit higher than forecast. The S&P 500 opened an hour later at its -0.06% intraday high and dropped to a trading range for the next three hours that included its -0.50% intraday low. After the lunch hour, the index slowly trended higher to its -0.13% close.

The yield on the 10-year note closed at 2.14%, one bp off its previous close.

Here is a 15-minute chart of the past five sessions.

Volume on the SPY ETF, which generally gives a better sense of investor participation than the underlying index, was 30% below its 50-day moving average.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough.

 
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For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.