A decent summary of key equity indexes nearing pivotal areas. Should these support levels fail, expect PM's to react accordingly.

Regards - VHF

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Technical Action Yesterday

Another brutal day on the charts! Thirty six S&P 500 stocks broke support and none broke resistance. The list was too long to provide full details on technical trend changes. Following is a list of S&P 500 stocks that broke support in alphabetic order:

Agilent, Air Products, Allegheny Tech, Allstate, Baker Hughes, Burlington Northern, Cameron International, CH Robinson, Deere, Dominion Resources, El Paso, Fastenlol, Genuine Parts, Goodrich, Goodyear, H&R Block, Humana, Illinois Tool, Johnson & Johnson, Leggett & Platt, Norfolk Southern, Pall Corp., Office Depot, Parker Hannifin, Progressive Energy, Radio Shack, Range Resources, Rockwell Collins, Schlumberger, Sears Holdings, Tenet Healthcare, United Healthcare, UPS, US Steel, Vulcan and Washington Post

The Up/Down ratio for S&P 500 fell from 0.56 to (120/272=) 0.44

Technical action by TSX Composite stocks also was brutal. Two TSX stocks broke resistance (Nova Chemical on a takeover offer and Tanzanian Royalty Trust) and eighteen stocks broke support. Following is a list of stocks that broke support in alphabetic order

AGF Management, Atco, Celestica, CI Financial, Dundee Bancorp, Emera, Equinox, Fairfax Financial, Finning International, Highpine Oil & Gas, ING Canada, Niko Resources, Richie Brothers, Russell Metals, Suncor, Toromont, Torstar and TransCanada.

The Up/Down ratio fell from 0.76 to (54/90=) 0.60.

The S&P 500 Index closed within 2 points of its November 20th low at 741.02.

Ditto for the TSX Composite Index!

The VIX Index rose yesterday and remains at an elevated level.