Rallies sold today
The S&P closed on Friday at 1906.90. The price today has not been able to claw above that level during any portion of today's trading day. The peak was at the beginning of the day. The high reached about an hour or so ago, peaked at 1901.80. The low came in at 1189.41.
Looking at the daily chart, the S&P correction off of last weeks low has come up short of the 38.2% correction point so far at 1915.15. That is the minimum to get and stay above if the buyers are to feel more constructive on the topside. The 50% of the move down from the end of December high comes in at 1946.93. That too is a key level for the buyers. Anything short of those levels, keeps the sellers more in control.
On the downside, the price is above the swing lows from August and September at 1867 to 1871. A move below those levels will not be welcomed.
The Crude oil futures for March delivery is going out at $30.34, down 5.75% on the day. That is certainly not helping the stocks as traders have gotten used to lower oil/lower stocks.