That wasn't a very good analysis of mine. Hopefully no one listened. The downswing (first yellow line) involved too much movement (6 price levels) to be considered bag holding. The rebound had tiny volume (circled in lower pane).
The second downswing (second yellow line) saw the higher volume happen again but this time with only a 1 tick fall in SP. This means the buyers are absorbing sell pressure. Then it rebounded in the afternoon.
Everyone thinks pull backs have to be low volume, but they don't. It depends on the accompanying SP movement.
