Charts To Watch - Published Monday, March 18, 2013 8:15 AM ET

Daily Videos Will Be Back On Tuesday.

We have a wee disturbance in the force this morning. News from the Rhode Island of Europe (Cypress) has spooked the markets. But when a market is this overbought, no one really needs an excuse to take some money off the table.

Taking a look at the pre market futures coming up to 8 AM ET, lets see what kind of damage we can expect.

DOW Futures Down 83 points.

We need the DOW to drop 229 points to generate a new Daily Sell Signal

S&P 500 Futures Down 14

We need the S&P 500 to drop 23 points to generate a new Daily Sell Signal

NASDAQ 100 Futures Down 21

We need the NASDAQ 100 to drop 22 points to generate a new Daily Sell Signal. Getting very close.

So as we can see, no major damage is being done in the pre market this morning.

The TSX is already on a Daily Sell Signal. A new Buy Signal would be confirmed is we closed 14 points higher on Monday.

Adn once again, I would stand aside and sit on my hands.

We saw money move out of Google on Friday, and back into Apple.

Energy Commodities helped push up Energy stocks last week, and hold up the TSX.

I am currently long Encana.

While Gold is back on a buy signal, gold stocks are not.

I am still short Goldcorp.

While Monday will be a bad day for the markets, and that alone will be a shock for many Bulls, it does not look like the type of day that will break anything long term. What happens Tuesday will be the real tell. 

All for now.

Stephen Whiteside

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