S&P 500 Snapshot: 4-Day Rally Ends
Doug Short | Oct 22, 2014 03:40PM ET
The S&P 500 got off to a reasonably good start following the pre-market CNBC ), seized on the gunfire near Canada's Parliament and the plunging price of oil as prime causes of the selling.
The yield on the 10-year Note closed at 2.25%, up 2 bps from yesterday's close.
Here is a 15-minute chart of the past five sessions.
Volume on today's decline was relatively unremarkable -- about the same as yesterday's advance.
A Perspective on Drawdowns
How close were we to an "official" correction, generally defined as a 10% drawdown from a high (based on daily closes)? The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
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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