If the U.S. stock indexes push and close below very strong technical support levels at their August lows, then that would produce serious chart damage to the stock indexes and suggest more downside pressure for them in the near term.

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Based on technical analysis and charting, the major market indexes like the Dow and Nasdaq are short-term oversold beneath their 50-day moving averages to a degree that almost always brings a rally back up to the moving average.

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After all, the major market indexes pulled back to (successfully) test technical support, creating a lot of anxiety among investors in the process, and the ensuing rally has been so sharp, and so sudden, that you have to believe many have been left behind.

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By the end of last week, though, both indexes once again backed down from these psychologically significant technical levels.

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Foreclosures are picking up again, he said, and the various bank stock indexes are making lower highs and higher lows on technical charts.

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