The market had become extremely tight over the last few trading days and seems to have made a strong move to the downside yesterday and into the overnight session as we broke the 1060 level on the S&P in overnight trading. Closing below 1060 would be a very negative sign and could trigger another leg downward which would be a confirmation of one of my "box" setups. My daily CCT has technically been overbought for a while and it still stands at +161 for the short term which is still in the overbought territory. We have yet to see a lot of high minus tick in this market, which would seem to indicate that there are not a lot of sell programs being initiated by the institutions. This seems to be bearish as the high plus tick continues as the prices drop. Technically we have support at 1040-1050, we will see if we can get to those areas on any capitulation tick which could signify an intermediate term bottom as we all wait to see what levels the manipulators are going to step in at.