Before the US market opened, Major European indexes were trading in the shallow red, and the EURO STOXX 50 would subsequently post a -0.23% loss. This morning's jobless claims were a tad better than expected (more here). The S&P 500 opened fractionally higher and hit its 0.17% intraday high three minutes later. It then sold off to a steady decline that bottomed at -1.16% during the lunch hour. Some buying in the afternoon trimmed the closing loss to -0.78%, the fourth finish in the red in five sessions.

The potential market shaker, of course, will be the July jobs report. Will we see another inverted market mindset (a strong/weak report increases/decreases the odds of a Fed rate hike)? Stay tuned?

The yield on the 10-year note closed the day at 2.23%, down 5 bps from yesterday's close.

Here is a snapshot of past five sessions.

On the daily chart we see that the intraday low was not far off the index's 200 day moving average. Volume was 20% 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.