U.S. equity markets went on Thanksgiving break a day early. The S&P 500 hovered in its second narrowest trading ranged of 2015 between its -0.14% intraday low minutes after the open to its 0.18% lunch hour high. It closed with a -0.01% loss for the day.

The yield on the 2-year note closed at 0.93%, unchanged from yesterday. The 10-year note dropped 1 bp to close at 2.23%.

Here is a snapshot of past five sessions.

Here is a daily chart of the SPY ETF. Volume was less than half its 50-day moving average.

A Perspective on Drawdowns

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

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

Here is the same chart with the 50- and 200-day moving averages. The 50 crossed below the 200 on August 28th.