The global recovery continued today. The Shanghai Composite rose 5.4% to close above the benchmark 3,000 level, the Euro STOXX 50 rose 3.5%, and S&P 500 rounded out the rosy picture with a 2.43% gain for the day. Is the correction in US equities behind us? Or have we simply experienced an oversold bounce? With yesterday's strong durable goods number and today's upward revision to Q2 GDP, all eyes will be on clues from Jackson Hole for likelihood of a September rate hike in the wake of the recent correction.

The yield on the 10-year note closed at 2.18%, unchanged from yesterday.

Here is a snapshot of past five sessions.

On a daily chart we see that volume on today's advance was above its 50-day moving average but lighter than yesterday, and the 50-day and 200-day moving averages are just a few ticks away from a cross-over.

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.