The Asian session had set up for big losses, but markets were able to defend against such losses even if finishing with a lower close.

The S&P tagged the January low, but it's hard to see it holding out if there's another challenge on 1,810.

The Nasdaq was able to register a higher close (although below the prior day's close). It probably did enough to negate what is normally a bearish black candlestick, but bulls won't have any confidence until the bearish channel is broken.

The Russell 2000 was the index feeling the most heat. The gap down didn't manage to do more than leave a small bullish hammer. The MACD trigger 'sell' expanded, and new lows keep pricing action on the side of bears. As the relative market leader, what goes here goes for other indices.

Tomorrow is a chance for bulls to buy a change in fortune.  After five consecutive days of losses it's time for bulls to apply the squeeze.