| So much for yesterday's bounce being the start of something. However, a number of positives remain: the equity put-call ratio was very high at .95 today, the NYSE internals held up well, and the decline has seen no expansion of new lows. With tomorrow being the first of the month, we wouldn't be surprised to see a pop here. On the downside, we still have last week's bearish "three black crows" to cap any rally, and we have a market that has refused to rally after almost a week of oversold conditions - that suggests a trend change. The possible completion of five waves down on the daily charts suggests that the decline may resume after a rally. Support on the Nasdaq (first chart below) is 1776-1780 and 1757-1760, and resistance 1821-1824. On the S&P (second chart), support is 990 and 984, and resistance is 1000-1002, 1006, 1010 and 1015. The Dow (third chart) faces resistance at 9350-9380, and 9200 is support. The banks (fourth chart) have done an amazing job holding up under the circumstances; a plus for the bulls there. The Illustrated Guide to Technical Analysis Signals and Phrases: A - Google Books Result::
href=http://books.google.com/books?id=h8TODvKwRnUC&pg=PA7&lpg=PA7&dq=Technical+Analysis:+Fear+Stays+High&source=web&ots=nyTKOYVCkY&sig=Xqg_YcOjYySb_tsP9WbBb1tj0Pk&hl=en&sa=X&oi=book_result&resnum=37&ct=result class=l onmousedown=return clk(this.href,,,res,49,)>The Illustrated Guide to Technical Analysis Signals and Phrases: A - Google Books Resultby Constance M. Brown - 2004 - Business & Economics - 304 pagesThe VIX is a sentiment gauge of fear in the US stock market. Never stay in one place as there is always a bigger fish out there looking for its next
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 The Market is Always Right: The 10 Principles of Trading Any Market - Google Books Result::
href=http://books.google.com/books?id=Oq46iDsNDToC&pg=PA88&lpg=PA88&dq=Technical+Analysis:+Fear+Stays+High&source=web&ots=gy69w2KjpS&sig=6L9Uq1VrSgSze8-8p8ZfRILY4tg&hl=en&sa=X&oi=book_result&resnum=25&ct=result class=l onmousedown=return clk(this.href,,,res,37,)>The Market is Always Right: The 10 Principles of Trading Any Market - Google Books Resultby Thomas McCafferty, Eric Shkolnik - 2002 - Business & Economics - 224 pagesWhen a high is peaking, the trading volume can be your guide. Let technical analysis rule your normal instincts of greed and fear.
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 Network Associates in $70M Settlement
 Technical Analysis: At Last, A Bounce
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