The S&P 500 ended the day with a modest -0.22% decline, but it gained 1.17% for the week and 1.97% for month. Perhaps the most significant economic news of the week was the rear-view look at the economy via the Advance Estimate of Q2 GDP, which came in close to expectations at 2.3%. Meanwhile, the general mood of the consumer is in a bit of malaise, aka summer doldrums. Both theConsumer Confidence and Consumer Sentiment surveys showed declines from June.

Next week will feature an avalanche of economic data bookended with Monday's release of the June numbers for Personal Income and Outlays, and Friday's release the July employment report. Stay tuned!

The yield on the 10-year note closed the month of July at 2.20%, down 23 bps from its close on the opening day of the month.

Here is a snapshot of past five sessions.

In the next chart, we see that the index will enter August after trading in an extremely narrow range for the past five months.

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.