The atmosphere for today's market action was quite friendly: Optimism about Greece, a 0.05% increase in Core Durable Goods, a beat on New Home Sales, and better than forecast Richmond Fed Manufacturing numbers. Despite the external support, the S&P 500 spent the day in tranquilizer mode, its fourth smallest intraday trading range of 2015. The index opened in the green, hit its 0.24% intraday high a couple of minutes after 10 AM housing report and promptly dropped gave back the gains and drifted to its -0.14% noon hour intraday low. It then slowly drifted to its fractional gain of 0.06% at the final bell.
The 10-year yield closed today at 2.42%, up 5 bps from yesterday's close and 8 bps off its 2015 high.
Here is a 15-minute chart of the past five sessions.
A daily chart of the ARCA:SPY ETF gives a better sense of investor participation, or lack thereof. Trading volume was 37% below its 50-day moving average.
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.
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