Global markets spent the day trading in narrow ranges with fractional changes from their Friday closes. Japan’s Nikkei slipped 0.25%, China’s Shanghai rose 0.17%, the Euro STOXX 50 rose 0.30%. US equities followed suit. Our benchmark S&P 500 traded in a narrow range from its 0.06% intraday high shortly after the open to its -0.49% intraday low shortly before its trimmed closing loss of 0.32%.

The yield on the 10-year note closed at 1.78%, down one basis point from the previous close.

Here is a snapshot of past five sessions in the S&P 500.

Here is a daily chart of the index. Volume remains well below its 50-day moving average.

A Perspective on Drawdowns

Here’s a snapshot of 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.