It didn't take long for the U.S. stock market to erase Monday's opening rally and turn sharply lower, with strategists pointing to oil, technical factors and Friday's expiration of futures and options contracts as reasons for benchmark indexes jumping wildly throughout the session.
After jumping 122 points early on, the Dow Jones Industrial Average fell as much as 165 points, and was down nearly 50 points at 1 p.m. ET.
Trading in a 36-point range, the S&P 500 followed a similar route, rallying at the start and falling sharply as oil lost initial gains to turn sharply lower.
"We broke the 50-day moving average on the first rollover," Art Hogan, chief market strategist at Wunderlich Securities, said of the 2,001 level on the S&P 500. "We then tested 1,987, which is the 100-day moving average, which if you look at a chart, looks pretty similar on the Dow. Now we're bouncing off the 100-day moving average," Hogan added.