Stocks were quiet last week -- until Thursday, the last day of October, when it felt like the major indices fell through a trapdoor. The S&P 500 (SPX) dropped 1.9%, the Nasdaq plunged 2.8%, and the Nasdaq 100 (QQQ) slid 2.5%. Those were the largest one-day losses since early September. October logged the first monthly decline for the SPX since April and the first Nasdaq and QQQ monthly loss since July. While the majors didn't break any key chart support levels or important intermediate-term averages last Thursday, price action did trigger some bearish short-term alerts. The SPX fell right to its 50-day and bounced, but the size of the decline turned the 5-day/13-day exponential moving average (EMA) crossover bearish for the first time since early September. The 14-day Relative Strength Index (RSI) broke its uptrend off the lows since early August and lost the 50 level. The 21-day Rate-of-Change (ROC) was close to turning negative. The daily Vortex Indicator went to a sell. Volume was heavy on all indices (creating a distribution day). Finally, the SPX gapped down out of a bearish wedge pattern. The key area that needs to hold for the SPX is 5,650 (breakout level) to 5,677 (recent low). Below that range, a ton of downside targets come into play between 5,400 and 5,590. The QQQs also gapped down and out of a bearish wedge and have seen multiple distribution days over the past eight days. There was a bearish 5/13 EMA crossover and the ETF is just six points above its 50-day moving average. If the 50-day (at 481.60) is lost, there is a support zone between 450 and 475 that includes the 21-week EMA at 475, the 200-day at 458, and some retracement levels. (Mark Arbeter, CMT)

Since bottoming on September 16, the five- and 10-year Treasury yields have spiked higher. We have seen the same action from the two-year, which bottomed on September 24. Let's not forget, the FOMC cut the fed funds rate on September 18. We were looking for a jump in rates after the Fed cut, which was certainly a non-consensus call. The 10-year jumped to 4.12% on Thursday from an intraday low of 3.6% on September 17, or by 52 basis points (bps). The 10-year is closing in on some key levels including Fibonacci retracements at 4.14% and 4.17%. In addition, the 10-year is near a trendline off the peaks since late April that lies at 4.14% when looking out a week. Other key levels include 4.18% or the location of the 40-week exponential moving average (EMA); the next key retracement level is 4.3%. The five-year hit 3.97% yesterday, up from 3.39%, or by 58 bps. Immediate key overhead levels for the five-year run from 4% to 4.24% and include the 200-day simple moving average, the 50-week EMA, and some FIBO retracement levels. The two-year closed near 4% on Wednesday, up from an intraday low of 3.5% on September 25. Key levels above start at 4.1% and run up to 4.4%. On Wednesday, the iShares 20+ Year Treasury Bond (TLT) hit key chart, moving-average, and FIBO retracement support at 93.40 and bounced. The next key support level is 91.60. We still believe that once this pullback ends, we will see another rally to recovery highs -- with yields falling to 3.25% for the five- and 10-year and down to 3% for the two-year. The COT data remains very bullish for the two-, five-, and 10-year. While not perfect, this setup has worked well in the past. (Mark Arbeter, CMT)

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.