Although there are some decent support levels that will hit on the way down, Toni Hansen doesn't think many of them will hold for more than a few days if we continue to see selling early this week.

The failed breakout from the daily channel is going to help the market continue to try to hold the larger channel as the new week begins.

Tony Hansen is expecting Friday to be another choppy day. A pullback into the lower end of the daily channel again is quite possible by mid-day. Strong upside will be difficult in the indices as a whole.

The S&Ps and Dow are still within grasp of a retest of the Friday highs; however, it would not take much of a momentum shift for the correction off those highs to accelerate as they did several weeks ago.

Toni Hansen writes that the market's bias remains bullish into Wednesday morning with Friday's highs as the larger time frame resistance.

Earnings are a major influence at present when it comes to where the markets are opening each morning, so Tony Hansen would suggest not relying as heavily upon postmarket analysis in the evenings.

Since trading over this next week will be greatly impacted by earnings, Toni Hansen will be taking things a day at a time based upon how the market begins each session instead of relying as heavily on her evening analysis.

This news alone can easily create continued upside in the market as a whole into Friday morning to help take the indices back to highs.

If the market moves higher Thursday morning, Toni Hansen thinks that it will have a difficult time continuing into the afternoon.

Even though the market bounced into Tuesday afternoon, another test of that support zone is still quite possible.