As many have pointed out, this was one of the worst first trading days of the year for the SPX. On the bright side, however, the index managed to pair the initial losses and find support where it should have, at the previous two swing lows. Doing so, it established a new pivot level and fired a new 1 x 1 up angle:
Going forward, there are two things to keep in mind:
1/ The low must hold or there is a long way south;
2/ 2040 is the midpoint of the latest swings and, in order to manifest any sign of strength, the index must trade above it.
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