Just after wrapping up another week lower, stocks started off the week on a down note. The S&P 500 was down 1.08%, NASDAQ down 1.11%, the Dow (lost the least) down 0.50% and the NYSE (lost the most) down 1.29%

Take a look at the chart of the NYSE:

The resistance trend line has been drawn in pink and shows where the NYSE will have difficulty moving above.

Be careful shorting this market. The indexes have seen four down-moves in a row and are likely to get a bounce soon. Still, I expect to see the NYSE fall around another 100 points before finding any support over this week.

One positive for bulls to consider is the drying up of volume. It is a bullish sign that the volume continues to decrease as the market falls. If the volume picks up on a rebound, the balance of buyers and sellers may shift more towards neutral from sell.

Lastly, new consumer credit information will be released tomorrow and could be another opportunity for the market makers to move the market significantly.