The pre-market economic news was the May estimate of 201K new nonfarm private employment jobs from ADP, in line with expectations. The S&P 500 rallied at the open and wasn't deterred by the slightly disappointing ISM Non-manufacturing report (aka Services) released at 10 AM. The index hit its 0.58% intraday high 30 minutes later and then sold off to within 0.6% of its opening price. It then vacillated through the afternoon, closing with a modest 0.21% gain.
The yield on the 10-year note closed at 2.38%, up 11 bps from yesterday's close and a substantial 70 bps above its 2015 low of 1.68% at the beginning of February.
Here is a 15-minute chart of the past five sessions.
Today's volume was slightly below its 50-day moving average.
ARCA:SPY:
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
