The S&P 500 finished barely above the key 850-point level, and within reach of the year's closing low of 848.92 hit in late October, while the Nasdaq fell through the closing low set just last week.The downward momentum suggests the market could again test lows. Last week, the S&P 500 and Nasdaq tumbled to five-year lows before reversing course to surge higher as bargain-hunters scooped up languishing shares.

Probablity  to exceed are a 50-50 chance that we'll actually break those lows  A lot of it is around concern in the marketplace  that whatever the U.S. and world governments are doing is not enough to get us out of the malaise, adding that a sharp sell-off would likely cause bargain-hunters to emerge.

Stocks sold off late in the day after trying to rally throughout the session as investors were tempted to scoop up shares that remain at more than five-year lows. (RTR)