Well, oil prices and bond yields proved to weigh down the markets once again yesterday. With oil trading at 69.10 this morning, it looks like there may be some more down side pressure in the market today. Stock futures are basically flat at the moment, which doesn't give us much indication as to the direction of the market at open this morning.

The DOW was able to pull off a slightly positive day yesterday, but may have some trouble repeating the gains if oil prices remain above 69. Also, keep an eye on the 10-year treasury yield, currently 4.93%. If this continues to move higher it will translate into selling pressure in the stock market.

Sandisk Corp (NASDAQ: SNDK) has been very weak the past few days. Yesterday's down trend took SNDK to an important support level at 59. If the price breaks through the 59 support on heavy volume, SNDK could be in for a big move to the downside. As you can see on the chart below, the stock gapped up from 57 to 59. A break of the 59 support could lead to a drop back to the 57 level...a fill of the gap.

Bookham Inc (NASDAQ: BKHM) is another fiber optic stock that has gone crazy the past few months. It's no secret that there has been a bull market in fiber optics, the question is...are the bears taking over? The entire sector has seen large percentage losses as of late. Does this translate into a mere pullback before the sector takes off again, or is it time to start shorting these bad boys? The chart below for BKHM may help answer these questions in today's session.  BKHM will likely test support at 9.20 sometime today.

Northrop Grumman Corp (Ticker: NOC) has been rising steadily. The up trend line on the 6 month daily bars chart has been tested several times, and proved solid. Will the stock continue to rise? I think so. The only obstacle NOC has before climbing higher is the resistance at 70. It tried to break 70 on multiple occasions before pulling back to the trend line.

The stock is now nearing the intersection of the 70 resistance level and the up trend line. If it doesn't break through 70 this time, NOC will be forced outside of the up trend.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.