SPX, -9%!

Worst day since 1987. But doesn’t feel as bad as last week’s. Probably because it wasn’t a new low.

A lack of volume gives indication of less conviction from the Bears. But we’re not going to look too much into that.

We’ve been on the lookout for a Follow Through Day (FTD) to give us a sign that institutions are stepping up to support the long side of this market.

It would come beginning Thursday, with one of the major indexes posting at least a 1.7% move with volume greater than the previous days. FTD’s come between four and 11 days of a potential low.

And if we don’t get it, we’ll assume that down is the path of least resistance.