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S&P nearing initial support which should provide floor on initial decline

Just past mid-day, S&P remains down near 1% but still about 7 ticks higher from when it bottomed shortly before 11 am near 2261-  the Degree of bounce will help to create some positive momentum divergence as RSI got down to near 14 and both S&P and NDX right near key trends which have held as support over the last month.  Until these are broken, this first pullback is likely one to buy into.  While the decline pulled back UNDER initial areas of support for S&P, we haven't broken the key 2251 area which would suggest a larger decline is underway-  Breadth has improved marginally to only down a bit more than 3/1 negative, while still seeing very heavy volume into DECLINING v ADVANCING stocks which is still around 86%-  so TRIN levels showing readings near 2 which often can occur near lows when an outsized amount of volume is shown in declining issues.   Dollar has given back all early gains in the past few hours. while Treasury yields have turned down a bit as well..  Small caps continuing to show MORE weakness than broader market which has been a recent theme-  For today, only Energy down more than 2% lagging all others, while Industrials, Tech, Financials and Materials all lower by 1%.   In the next few hours any further selloff should be buyable with 2257 up to 2261 being a very attractive area to buy dips with prices fairly oversold.  In the next couple hours.. getting back above 2273 by 2:30 would be fairly positive into the bell.  Until that happens, can't rule out a retest of earlier lows.. but still like buying into this first pullback.  NDX has not been down under its 10-day ma since 1/3 and uptrend still very much intact with NO signs of any counter-trend sells on any of the Tech indices, and worth paying attention to this given that this sector has been one of the strongest for market in January-  Let me know if you have any questions