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Wednesday the Cyprus "tempest in teapot" was put on the back burner, but yesterday someone apparently turned up the heat on that burner. Despite lower than expected unemployment claims, Philly Fed outlook growth and an upward trending Conference Board Leading Economic Index, the S&P 500 closed the day with a 0.83% loss. Blame it (mostly) on Cyprus, although weaker than expected French and German PMI didn't help, nor did Oracle's poor earnings.

A bright side? Well, the index closed above its intraday low, a sharp drop at 2 PM that was 0.97% off Wednesday's close.

Here's a 15-minute chart of the week so far, a snapshot with a conspicuous sideways oscillation.

(click to enlarge)

A daily chart shows us that, despite the Cyprus headache, volume is still a bit below the 50-day moving average.

(click to enlarge)

The S&P 500 is now up 8.39% for 2013 and 1.11% below the interim closing high of March 14, 2013.

From a longer-term perspective, the index is 128.5% above the March 2009 closing low and 1.2% below the nominal all-time high of October 2007.

(click to enlarge)
(click to enlarge)

For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.

Source: S&P 500 Snapshot: Cyprus Teapot Starting To Boil?