S&P 500 index lost 2.1% on Friday, following breakout below the short-term support level of 2,800. Investors reacted negatively to quarterly earnings, economic data releases. The broad stock market retraced more than 50% of its almost month-long January rally. Is this a new bear market? Certainly it is a relatively deep downward correction. The index is close to the important 61.8% retracement of the rally at 2,749.73. This may hold it for a while, as investors hunt for price bargains.

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S&P 500 index lost 0.1% on Thursday, as it continued to fluctuate following its Monday-Tuesday move down. Expectations before the opening of today's trading session are negative at this moment. However, investors will react to monthly jobs report release at 8:30 a.m. The market may extend its week-long correction, but for now the downside looks limited.

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S&P 500 index gained 0.05% on Wednesday, as it fluctuated following its Monday-Tuesday move down. For now, it looks like some relatively flat correction within a short-term downtrend. We will probably see more uncertainty ahead of quarterly earnings releases and tomorrow's monthly jobs report release.

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S&P 500 index lost 1.1% on Tuesday, following relatively big gap-down opening of the trading session. The broad stock market extended its Monday's move down. Is this a new downtrend or just correction within an uptrend. For now, it looks like correction that is just retracing some of the month-long rally.

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S&P 500 index lost 0.7% on Monday, as investors took short-term profits off the table following Friday's rally. Was it an uptrend reversal or just quick downward correction before another leg up? Expectations before the opening of today's trading session are negative, so this correction may extend.

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