Today was a light day for popular economic news, except perhaps for Existing Home Sales, which has some appeal to the Residential Retail enthusiasts. Less popular (but a personal favorite) this morning's release of Chicago Fed's National Activity Index for February continues to show weak data for the first two months of the current quarter. Personal Consumption and Housing remains at recession levels and the more volatile Production and Income component has been plunging.

The S&P 500 spent the day in its narrowest intraday trading range of 2015 ... that is, until the final 15 minutes, when a bit of selling dropped the index from the shallow green to its -0.17% closing loss.

The yield on the 10-year Note fell one bp to close at 1.92%.

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

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.