Of all the economic indicators, the monthly employment report probably has be biggest impact investor sentiment. But in recent years that impact has been complicated by monetary policy, and “the bad economic news is good market news” syndrome. Such appears to have been the case today. The S&P 500 initially tanked on the disappointing jobs report, plunging to its -1.57% in the opening minutes. It then reversed directions and rallied to close at its impressive 1.43% intraday high. The 3.04% intraday range is at the 97th percentile of the 190 market days so far this year.

The yield on the 10-year note ended the day at 1.99%, down 6 bps from the previous close.

Here is a snapshot of past five sessions.

Here is a weekly chart of the index. The relatively volatile week saw volume was accompanied by an increase in volume.

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.