Chart of the Day: Expect a Test

Yeah, a test of the recent low (normal btw) -- at a minimum -- is highly likely. At least that's what the graph I marked up last evening points to.

The ovals in the top panel capture previous Dow bottoms during the attention-grabbing declines so far this year. In the bottom panel I highlight on balance volume for the same period. 

You can see what volume looked like this year when the first bounce didn't hold (red ovals) -- a sort of saw tooth pattern -- versus the one time it did (green) -- a straight shot higher.

Note the current pattern: