The S&P 500 reacted to President Trump's first full day in office with a morning selloff to its -0.63% intraday low just before the lunch hour. The afternoon saw a modest rally in a couple of waves to a trimmed closing loss of 0.27%. Elsewhere Asian markets were mixed with the Nikkei dropping 1.29%. European indexes closed more uniformly in the red with the Europe STOXX 600 down 0.43%. The general meme on financial websites was concern over Trump protectionist policies.

But back to the S&P 500 — here is a snapshot of the past five sessions.

The trend in Treasuries echoed the equity market, with the yield on the 10-year note closed at 2.41%, down seven BP from the previous close.

Here is a daily chart of the index. We see that the Trump rally ended on December 13th. Subsequently, aside from some year-end selling (presumably some booking of gains) and a two-day recovery at the start of 2017, the S&P 500 has essentially gone nowhere. Today's trading volume was 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.