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Note from dshort: Because we crossed the line today, a widely followed moving-average, I've included two versions of my routine update — with and without moving averages.

The S&P 500 closed the day down 1.10%, but well off the intraday low of -1.89%. The index spent part of the day below the 1300 level and is now below its 50-day moving average. The S&P 500 is 92.9% above the March 9 2009 closing low, which puts it 16.6% 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.

For a bit of international flavor, here's a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped "recovery" of the Nikkei 225. I update these weekly.

These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.

Source: The S&P 500 Loses 1.10% and Slips Below the 50-Day Moving Average