US Markets rallied today on some strong pre-open earnings reports and a dovish signal from ECB president Mario Draghi. The S&P 500 surged at the open and continued to rally to its 1.80% intraday high during the lunch hour. It then gave back about a third of the gains before staging another advance that took it to its 1.66% closing gain.

The yield on the 10-year note closed at 2.04%, unchanged from the previous close.

Here is a snapshot of past five sessions.

Volume increased on today’s rally. The index is now only a few points off its 200-day price moving average.

A Perspective on Drawdowns

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

For a longer-term perspective, here is a log-scale chart base on daily closes since the all-time high prior to the Great Recession.

Here is the same chart with the 50- and 200-day moving averages. The 50 crossed below the 200 on August 28th.