The big pre-open news today was the historic -8.48% Monday rout in the Shanghai Composite, an event that no doubt rattled the optimists hoping that the China benchmark index had bottomed out last week. Euro zone indexes also saw some suffering, with DAX and CAC 40 both deep in the red and destined to close with -2.5% losses. The S&P 500 dropped at the open, ignoring a modest improvement in June Durable Goods. A rebound attempt topped out in late morning, and the index spent the day drifting lower to its -0.58% close, its fifth consecutive finish in the red.

The yield on the 10-year note closed at 2.23%, down 4 bps from Friday's close.

Here is a snapshot of past five sessions.

On a daily chart, we see that the intraday low was in the close vicinity of the 200-day price moving average. Volume for the 5-day selloff has been above its 50-day moving average.

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.