The S&P 500 began 2018 hot out of the gate with a weekly gain of 2.6% and another record high. The index was up 0.7% from Thursday and is up 1.76% YTD.

Here’s a quick look at the last month.

The U.S. Treasury puts the closing yield on the 10-year note at 2.47%.

Here is a daily chart of the S&P 500. Today’s selling puts the volume 4% below its 50-day moving average.

Here’s a monthly snapshot of the index going back to December 2008.

A Perspective on Drawdowns

Here’s a snapshot of record highs and 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.

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