The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.
The 10/06/09 gap (blue circle), once resistance, supported today's decline. A comparison of volume during the gap formation and test (white circles) indicates a significant drop in energy. If price holds above this zone on contracting volume, this would generate a bullish setup. Even if tomorrow's volume equals that of today, the test of support will have been accompanied by better than 10% contraction in weekly volume.
S&P 500 ETF Plus NYSE Volume:
Source: finance.yahoo.com
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