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Originally Posted by coolhand

So, after Monday's first trading day of the year loss, the market follows up with a bounce on the 2nd day. While it was a decent bounce, it didn't retrace all of Monday's losses on the S&P. The DWCPF retraced almost all of its losses.




We can see from the charts that the uptrend has at least stalled (short to mid-term) for now, but the charts still remain bullish. Technical damage is still limited.

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The New Year start with new highs in some indices at the opening bell, but things quickly got away from the bulls and there was steady bout of selling into the early afternoon before things stabilized. The Dow, which was positive at the open, ended the day down 383-points, which was 450 points off the high of the day, but also 342 points off the low. The losses were similar in many indices and it looks like they all found support in some key areas on the charts.

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