This week, the S&P 500 continued to decline with 3 days of losses. The index closed Thursday at its lowest yet of the week and fell 3.77% from this time last week. It is down 1.93% YTD and is 8.0% below its record close.

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The U.S. Treasury puts the closing yield on the 10-year note at 2.83%.

Here is a daily chart of the S&P 500. Today's selling puts the volume at its 50-day moving average.

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Here's a snapshot of the index going back to December 2008.

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A Perspective on Drawdowns

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

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Here is a more conventional log-scale chart with drawdowns highlighted.

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Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

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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.

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