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Futures had tanked long before the US market opened. The mainstream pundits point the finger at the Bank of Japan, which didn't ratchet up or even hint of more easing. The Nikkei 225 closed down 1.45% (a fairly modest decline of late for this equity roller-coaster) and markets around the world sold off. The S&P 500 opened lower and plunged to its -1.21% intraday low in the first ten minutes. But that proved a bit of a trading opportunity. The index reversed itself and battled back to its intraday high before the noon hour -- still in the red but down only 0.16% from Monday's close. The afternoon saw a rollover in a couple of waves to the -1.02% close.

Here is a 10-minute look at the week so far.

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A daily chart gives us a glass-half-full spin on Tuesday's selloff: Volume was 3% below its 50-day moving average, and we've got the 50-day price moving average as a potential trampoline only a percent away.

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The S&P 500 is now up 14.02% for 2013 and 2.58% below the all-time closing high of May 21.

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For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.