The indices continued to form a trading range on the 60-minute time frame. What is not yet clear, however, is if the market will be able to establish enough of a change in momentum to favor a stronger correction off this support.

Toni Hansen is open to the possibility of another drop on the daily time frame before seeing a larger daily and weekly correction.

Toni Hansen still expects to see the correction off lows continue into this coming week.

The volume was strong in Wednesday's session and this will help a correction off lows, but sustaining rapid upside move intraday from one day into the next will be difficult.

The extended selling on Tuesday has changed Toni Hansen's bias a bit for the remainder of the week. The door is now open for some continued selling, and corrections off support are now likely to be more gradual.

Heading into the remainder of the week, Toni Hansen is expecting some more corrective action. That can create some very nice back and forth moves on the 15- and 30-minute time frames which will make for favorable daytrading conditions.

The market now is looking even lower, although as we head into the new week we do have price support that can stall the breakdown for a few days.

Toni Hansen is anticipating a slower Friday, but the potential has increased for a trend day, or at least for a good chunk of the day, as the market comes out of the range that has been in place since December 17.

Toni Hansen is a bit more on the bullish side intraday, but she feels it's not the best action yet. She would have liked to have seen a bit more downside first to flush things out a bit more before a bounce.

Although there is still room for another lower low on Wednesday, Toni Hansen would expect a bit of upside and continued overlap into the weekend as volume declines.