S&P 500 Snapshot: A Record Intraday High Precedes a Selloff

April 27, 2015

by Doug Short

The S&P 500 opened higher and rallied to its record intraday high around 10 AM. After trending sideways for about an hour, the index began a steady selloff its -0.50% intraday low about 15 minutes before the closing bell. Some final trading trimmed the loss for the day to -0.41%.

Today the yield on the 10-year Note closed at 1.94%, up one bp from Friday's close.

Here is a 15-minute chart of the past five sessions.

Here is a daily snapshot of SPY ETF, which gives a better sense of investor participation, which was rather light in advance of the mid-week release of the Advance Estimate for Q1 GDP and the latest word from the Federal Open Market Committee.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough.

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For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.

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