Tuesday happens to be the most likely day of the week for a turnaround.  I first examined this in the 1/13/09 blog.  With the last 2 days being heavily lopsided to the downside the odds of a turnaround on Tuesday are even higher.  This is demonstrated in the study below.

All the stats heavily favor a rally on Tuesday, and if not Tuesday, then Wednesday.  Perhaps the bulls can win a day or two here. 


Of course the current environment is a bit more extreme than most of the sample…