01-21-2016, 12:19 PM
The bounce is continuing, for now.
"It's intraday volatility for sure, but it's a good sign. Today felt as close to capitulation as you can get," said Hogan. "To have it reverse itself, it's very strong sign technically." The S&P 500 fell through the key 1,867 level for a third day, its 2015 low. But the technical damage accelerated when it slid below 1,820, its 2014 low. Traders have been watching that level, and technicians see it as a key support point that would give way to a drop into the 1,700s if broken.
Ok, we had that as 1830, but you'll get the point. It held, for now.