One of the greatest concerns was the considerable technical damage that was done to the market last week, a concern echoed this morning by Lowry's, the oldest technical analysis service in the country. In a note to subscribers, they said:

1) Buying power (demand) is at its lowest level since October 2006, showing that buyers are not interested in accumulating stocks at current prices.

2) Selling Pressure (supply) rose to another new high, its highest level since August 2006, indicating that the desire to sell is steadily increasing.

3) The A/D (advance/decline) line has dropped to new lows.

4) nearly 53 percent of stocks are now 20 percent or more below their highs.

Separately, I noted Friday that new lows(453 last week) were at their highest levels since the October 2002 bottom. Normally, these extreme numbers might indicate a market bottom, and there are many who are voicing these feelings. But Lowry's noted that most indicators are not close to deeply oversold yet.