AMEX:SPY SPDR S&P 500 ETF
Only two trading days left for January. If the Fed is willing to fix the market (like someone coming out and say something...), the time is NOW!
Yes, it is possible. If the price cannot go back above the trend line by the end of the month, especially if it is closed under 10 month MA, I would bet further weakness rather than a future bounce. Even in an established downtrend market, there will be powerful counter trend rallies.