Despite the avalanche of economic during the first three days of the holiday-shortened week, the benchmark S&P 500 traded in a fairly narrow range and ended the day with a tiny gain of 0.06% and a weekly gain a tick lower at 0.05%. Barring an exogenous shock of some sort, the next potential market mover will be employment report for November released on Friday. And that report will be preceded by the November Vehicle Sales, ISM Manufacturing and Non-Manufacturing, and of course the ADP Nonfarm Employment, which will give a mid-week clue to the Friday report.

Yield on the 2-year note closed down one bp at 0.92%. Likewiste he 10-year note closed down one bp atat 2.22%.

Here is a snapshot of past five sessions.

Here is a daily chart of the SPY ETF. Volume was less than half its 50-day 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.