The pre-market release of Q4 GDP was a disappointment, but the 10 AM Consumer Sentiment report remained at an 11-year high. The S&P 500 opened lower and sank to its morning low about 45 minutes after the sentiment report. A subsequent rally lifted the index to its 0.10% intraday high in the early afternoon. It then sold off to its -1.30% close, just a tad off its -1.38% intraday low. The index closed the month with a -3.10% loss, its worst monthly performance since its -3.56% plunge in January of last year.

Treasuries continued to suggest a flight to safety. The yield on the 10-year Note closed at 1.68%, down 9 bps from yesterday's close. The 30-year Bond yield dropped 8 bps to close at a record low of 2.25%.

Here is a 15-minute chart of the past week.

Here is a daily chart of the SPY ETF, which gives a better sense of investor participation. Volume was above its 50-day moving average but isn't suggesting a run for the exits.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough. The S&P 500 is 4.57% off its record close on December 29th.

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For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

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