Bloomberg: I’ve made a lot out of the fact that over the past few weeks the bulk of trading gains in the SPX have come from overnight gaps, but in aggregate the intraday price action has still shown gains since the closing low. Moreover, for the five weeks after the low, there weren’t really any substantial intraday drawdowns. Tracking just the intraday returns of the SPX using 30-minute snapshots, the maximum drawdown in cumulative returns during regular trading hours from March 24 through the end of April was just under 4%. The SPX has fallen by more than that during the cash market session since 3 p.m. on Monday.