Yesterday’s modest gain after a four-day selloff lacked staying power today. The S&P 500, Dow and NASDAQ all three closed the day with -032% losses. The 500 rose briefly at the open, as futures predicted, and then sold off to a morning low. The index then recovered to its 0.25% high during the lunch hour. It then sold off in a couple of waves to its -0.32% close, just 15 bps off its -0.33% intraday low.

The bond market was closed in honor of Veterans Day.

Here is a snapshot of past five sessions.

Here is a daily chart of the index. Volume was light.

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.