Dashing hopes that Friday's comeback signaled an end to a decline that began the day after Thanksgiving, major stock proxies fell sharply and steadily Monday. The Dow Jones Industrial Average shed 2% to 8473.41, finishing just a hair above its intraday low, hit late in the trading day. Following similar patterns, the S&P 500 shed 2.2% to 892 and the Nasdaq Composite lost 3.9% to 1367.10. Notably, each of the major averages violated support -- technical or psychological -- that had held repeatedly last week; specifically, Dow 8500, S&P 900 and Comp 1400. Trading volume was modest -- 1.24 billion shares were exchanged on the NYSE, 20% below the six-month moving average, according to Bloomberg. But there was little additional solace for those long shares, beyond hopes that the decline is getting long in the tooth. Those who see parallels between the post-Oct. 9 rally and the one beginning in late September 2001 observed last year's fourth-quarter rally peak on Dec. 6. The S&P 500 then fell more than 4% in the ensuing week before recovering in the final two weeks of December, peaking on Jan. 4 on a closing basis. The index then stumbled for the rest of January and into late February before rallying to within earshot of its January high on March 11, from which it proceeded to backtrack before coming unglued in mid-May. The post-Oct. 9 rally continues to follow a very similar track: Since peaking on Nov. 27, the S&P 500 is now down about 5%. One trader described Monday's setback as what "should have rationally" occurred on Friday following the abysmal employment report. "This is what should have happened Friday, but we rallied because of the O'Neill, Lindsey firings," he said. "I think they got a shot off S&P 890 to get a firmer tape tomorrow. If they don't, we're screwed because I went out more long than short."