The rally we saw in US equity indexes yesterday didn’t spill over into today’s action. The Benchmark S&P 500 spent the session in an extremely narrow trading range — only 0.38% between its intraday low and high, the fourth narrowest trading range of 2015. It ended the session with a fractional loss of -0.11%

The yield on the 10-year note closed at 2.24%, down 3 bps from yesterday’s close.

Here is a snapshot of past five sessions.

Here is a daily chart of the index. Trading volume for today’s rally was unremarkable. We see that the index closed the session above 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.