Markets had a pretty poor week for the longs but may be sufficiently over sold to generate a nice bounce in the days to come.

The SPX closed at about 1088 under all the most talked about moving averages - Important FIB retracement levels nearby with the .236 at 1085 and the .5 at 1132. Note that these FIB numbers use 1044 as the recent low and 1220 as the high.

The SMA 200 is also nearby resistance at 1103- so a lot of sellers probably there unless we can gap above.

VIX- hit a high on Friday at 48.2 and now stand at about 40- or about 25% above the SMA 10- over bought - yes - but I think the high areas are the numbers to watch - can they hold;

RSI 2- not that meaningful except maybe for sells if they get up near 80 with all the over head resistance and moving averages.

Some technical stuff for where the market stands:

TRADER MIKE- with some T2108 analysis;

DOUG KASS with fear as a friend;

BIRINHYI on the 3 standard deviation dip;

MARKET SCI on the best indicators;

THE QUANT- with his CBI;

THE TRADERS NARRATIVE with more reason for a bounce;

DOLLAR/EQUITIES no longer helpful;

CNBC - the usual help;

And LENNY back in the news;