World markets were mixed today. The Shanghai Composite continued its roller-coaster bear market selloff with a -3.52% decline while the Euro STOXX 50 rose 1.01% and the FTSE was not far behind at 0.87%. The S&P 500 followed the European exemplars, opening higher and rallying to its 1.54% intraday high early in the final hour. Some late selling trimmed the gain to 1.28%. Trading volume was on the light side, 14% below its 50-day moving average.

The yield on the 10-year note closed the day at 2.28%, up 10 bps from the previous close. On a percentage basis, this was the biggest closing rise in 14 sessions and the highest closing yield since the end of July.

Here is a snapshot of past five sessions.

Here is a daily chart with the volume highlighted, which was up a bit from yesterday but continuing light in advance of Thursday’s Fed outcome.

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.