Chart of the Day: Holding support

Not sure how well you can make out the chart below (you can click on it to enlarge). It is a snapshot from my trading software. On the right hand side, you can see the purple trendline I have drawn in highlighting the recent uptrend that the market has been holding since early October.

Today's pullback is testing that uptrend line again and needs to hold. If this support is broken, it could mean a larger correction is in store.

The news that took the market down in the last hour was comments by Fitch that the Eurozone contagion poses a threat to U.S. bank ratings. Umm...is this new news?