Markets Down on Monday...Rally from Lows as Crude Oil Falls

1:30 pm ET DJIA -24...SPX -8...Nasdaq -21...RUT -10...Oil -$3.80 Markets moved lower on Monday morning and found suppot around 11:22 ET coming in the area of the S1 short-term support of last Tuesday's large white candle. Oil, which is down $3.80, hit resistance and started to turn lower around 10:30 am ET, broke support around 11:30 am ET and fell to last week's lows on Tuesday and Wednesday. This seemed to help fuel the rally in stocks, which has been the theme we mentioned in detail over two weeks ago here in Chart Signals. Ag-related stocks POT, CF, MOS and AGU have not bounced but continued to move lower some of which appear to be breaking key support areas. We alerted readers to the bear flag pattern in POT, AGU and MOS and the two spinning tops at resistance on the CF chart in Friday's post. Coal stocks KOL, BTU, CNX and MEE also have been leaving a trail of smoke as they have fallen from bear flag or broke support patterns this morning. FOMC announcement tomorrow, Tuesday at 2:15 ET. The Fed is widely expected to leave rates unchanged. Monday's Action Moving Up: IBM, UAUA, V Moving Down: POT, CF, MOS, X, BIDU, BUCY, FSLR, SCHN, MEE, MON, AGU, DRYS, MA, CLF, CNX, ANR, PCLN, BTU, IPI, GS, GWLT, USO, SOHU, STRA, NUE, MTL, RIMM, CELG, SINA, GRMN, ESRX, DECK