The two headline numbers in this morning's big employment report were a mixed bag: Nonfarm new jobs came in a bit light, but the unemployment rate dropped to 5.8%, the lowest since June 2008. The S&P 500 scratched its head, and in the post-election daze, moved with uncertainty through the day in a relatively narrow 0.45% range from its -0.30% intraday low to its 0.15% high. That's at the 14th percentile of the 216 market days in 2014. The index seemed headed for a fractional loss, but trades in the final minute resulted in a tiny 0.03% gain for the day and another record close.

The Treasury market was more decisive in mood. The yield on the 10-year Note closed at 2.32%, down 7 bps from yesterday's close, although that's only 3 bps below last Friday's close.

Here is a 15-minute chart of the week.

Trading volume on a daily chart of the SPY ETF gives us a growing sense of caution as the market continues its trend of record closes.

A Perspective on Drawdowns

How close was the October dip to an "official" correction, generally defined as a 10% drawdown from a high (based on daily closes)? The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.

For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.