The pre-market new jobless claims came it a bit higher than expected and housing starts disappointed to the downside. The S&P 500 dropped at the open and hit its -0.31% intraday low an hour later. The index slowly rallied back into the green, and an early afternoon rally took it to its 0.22 intraday high in the early afternoon. But the rest of the day was dominated by selling, driving the 500 to a fractional close in the red at -0.08%.

Today the yield on the 10-year Note closed at 1.90%, down one bp from the previous close.

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

Volume was a tad below its 50-day moving average. The index appears to be struggling with a trendline (not shown) from the record close on March 2nd to today's close.

A Perspective on Drawdowns

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

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