Quick look at the DOW
The DOW chart below is looking pretty bad - merely ~500 points from testing new lows; note the 7773 close in early October 2008 - that's the next downside resistance level.
Looking back 15 years:
For historical reference: 7,200 was the major low back in 2002, so if we fall/close below the 7773 identified above, 7,200 level becomes the next downside resistance. If that too is broken, we will have to travel all the way back to 1997 for a low" of 6,390.
With that said, numerous economic reports are due later this week:
Nov 13 08:30 Initial Claims 11/08
Nov 13 08:30 Trade Balance
Nov 13 14:00 Treasury Budget
Nov 14 08:30 Export Prices
Nov 14 08:30 Import Prices
Nov 14 08:30 Retail Sales
Nov 14 08:30 Retail Sales ex-auto
Nov 14 10:00 Business Inventories
Nov 14 10:00 Mich Sentiment-Prel.
I imagine several of these reports will be very bleak assessments of our economic condition and therefore expect the PPT to pull out all stops later this week - to prevent a failure of 7773.
Ultimately though - the PPT doesn't have enough power to overcome the tidal wave of forces working against it and these resistance levels will be broken - timing is the only unknown.