Our benchmark S&P 500 ended the week with selloff in two waves. The index sank at the open and trended downward to a late morning low. It then traded sideways until a second wave of selling after the lunch hour sent the index to its -2.23% intraday low. A bit of buying in the final hour trimmed the loss to -1.85%. Technology stocks were particularly hard hit, as reflected in the -3.25% plunge in the NASDAQ. The 500 is now down 8.02% year-to-date and 11.77% off its record close on May 21st of last year.

The yield on the 10-year note closed at 1.86%, down 1 basis point from the previous close.

Here is a snapshot of past five sessions.

Here is a daily chart of the index. Volume remains moderately elevated.

A Perspective on Drawdowns

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

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.

Here is the same chart with the 50- and 200-day moving averages.

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