The market is indeed seeing another down wave play out...probably into late Wed/early Thursday. The sp'1735/30 zone remains prime downside target. Metals are exceptionally weak, Gold -$10, with Silver -55 cents. Oil is now sharply lower... -1.6%.
sp'60min
Summary
Today is indeed turning out pretty good..arguably for both sides.
Bears getting a little wave lower..and the bulls are going to get some good buying levels within the next few days.
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For the bears...
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The bigger weekly charts similarly offering the 1730s..where there is key 10MA support.
sp'weekly8
There is arguably a case for a fractal-analogy, and that would place us in mid-February.
Stay tuned!