The S&P 500 commemorated Veterans Day with its 5th consecutive record close. The index traded in a narrow intraday range of -0.15% to 0.15%, ending with a fractional 0.07% gain. The bond market was closed.

Here is a 15-minute chart of the the past five sessions.

The shrinkage of 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.

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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.

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