What this chart shows is that the up channel (all hours) has been broken under of course. But what really grabs my eye is the bottom graph where I have a combined MACD and Stochs. You can see that these all near the "floor". They of course can "embed" and stay low. I find when this happened though during this P2, the market rallied. The key thing is these indicators can work themselves off the floor and if there is no volume buying and lots of selling the "price" will not go very high. So they "reset" higher yet the price stays under any previous highs. Then another bear leg occurs. This is how P1 of course played out.
The e-mini daily is another story though. The MACD and stochs on that are very high.