After setting four consecutive record closes in the presidential rally, the S&P 500 took a pause today. The index opened lower and sold off in a couple of waves to its -0.59% intraday low shortly before its slightly trimmed -0.53% closing loss. The 500 along with its cousin US indexes, the Dow and Nasdaq, followed the pattern of the major European indexes, which posted slightly greater losses. The DAX closed at -1.09%, the CAC at -0.88% and the FTSE at -0.60%.

The yield on the 10-year note closed at 2.32%, down four BPs from the previous close.

Here’s a daily chart of the S&P 500. Volume was relatively light on today’s selling.

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.

Here is a more conventional log-scale chart with drawdowns highlighted.

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

A Perspective on Volatility

For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We’ve also included a 20-day moving average to help identify trends in volatility.