Yesterday saw impressive plus tick on a post trend day for the daily CCT and the total stands at -126. This seems to be troublesome for the bulls however because rallies can not hold gains as we see here this morning. Typically there is a bearish divergence when a lot of horsepower is used on plus tick readings and we can not hold gains or see higher prices as rallies abort. We have already made a lower low in the globex session and the earnings for IBM were not as good as expected. We will have to see if the big boys today can post better than expected numbers or this market could really take a hit. Technically we have support at 1054 and then down at the 1016 level on the S&P futures.