What a Retest!

This chart shows the Dow at 15 minute increments for today (up to 3:30pm.) Before the open this morning, I posted this as one possible scenario:

Or we could get a head fake: there are a lot of traders with stops just below this level. There is nothing market makers (or other large traders) like to do more than sell the market down to take out the stops and then reverse higher, so I would not be surprised to see a big down draft in the morning with a higher close by the end of the day.

I circled on the chart where the Dow broke the previous closing low. So far we have a 700 point rally (at 3:30pm).

Update (3:55pm): The Dow has moved more than 10% from its low of the day.