With no economic news Friday and the Cyprus situation on temporary hold, the S&P 500 had its best day of the week, closing with a 0.72% gain. The weekly close, however, was in the shallow red for a loss of 0.24%.
Given the tensions over Cyprus, especially in the eurozone, the 500 index traded in a relatively narrow range of 1.49% throughout last week from its interim low to high, and its -0.24% close was much near the high than the low.
Here's a 15-minute chart of the past week, a snapshot with a conspicuous sideways oscillation with the highest volatility on Tuesday and Wednesday.
A weekly chart shows us that, despite the Cyprus anxieties, volume was 5% below the 50-day moving average. Also, last week was only the second weekly decline of 2013, and both were small: -0.28% for Presidents' Day week in February and -0.24% this past week.
The S&P 500 is now up 9.16% for 2013 and 0.41% below the interim closing high of March 14, 2013.
From a longer-term perspective, the index is 130.1% above the March 2009 closing low and 0.5% below the nominal all-time high of October 2007.
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.