European indexes were having a lackluster day when the US markets opened. The STOXX 50 index would subsequently close flat with a fractional -0.03% decline. The pre-market release of surprisingly low new jobless claims had little effect on today's trade. The S&P 500 vacillated for the first hour or so, rising to its modest 0.13% intraday high at mid-morning. The index then sold off to the lunch hour, trended sideways and then sold off to its -0.73% afternoon low in the final hour. The close recorded a trimmed loss of -0.57%, the third day in the red.

Here is a snapshot of the last five sessions.

On a daily chart we see that the index closed today right at its 50-day moving average. Trading volume has been above its 50-day moving average during the three-day selloff.

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.