The daily chart for the Nasdaq Composite (IXIC) illustrates the real failure of the market to mount any kind of meaningful counter-trend rally or even bounce since early February.

Bear markets end when no-one is paying attention.

The chart for PEY, which tracks a basket high dividend-yielding US stocks, suggests that investors are becoming convinced that the current dividends being paid by several key companies are in danger of being either slashed or suspended.

XLP, the sector fund for Consumer Staples, continues to surprise Clive Corcoran as it seems to be in a nosedive and underperforming the consumer discretionary stocks.

Clive Corcoran thinks that TEVA could be worth consideration on the long side if the market finds some stability.

The long-term monthly chart for the Russell 2000 (RUT) shows that there is evidence of support in the region of 330/340 on this index, which held during the corrections of 1998 and also of 2002/3. This would suggest about another twelve percent or so of downside.

The patterns highlighted on the chart for the S&P 500 Cash index (SPX) reveal that the market is resolving its internal conflicts, when it does so, to the downside and Clive Corcoran expects this pattern to continue.

For the precious metal bulls, the $900 level for spot gold and the $90 level on the exchange traded fund, GLD, are now critical.

If the S&P 500 (SPX) can maintain some upward momentum, Clive Corcoran believes there will be sellers looking to get short again at 805 and even more around 820.

The chart for HYG, which tracks the high yield corporate bond market, is looking vulnerable to a possible re-test of the lows seen last November and December.