A lot of stocks are stubbornly refusing to break down, particularly in the Sox (INTC, bounced the third time from $29.5, $24 and change held on SNDK, AMAT defended $20.5, CCMP fighting at its maginot line at $41.5 and the list is long. If my two canaries (CCMP and SNDK) breach, then we may indeed get that fast decline you are suggesting. The 5 days RSI has not reached yet buy levels (28 or so), thus maybe 2012, the current minor support will be taken. I have not seen that many bearish expectations out there, Bullish advisors are still at a nose bleeding level of 59.2% vs a basement value of 17.3% for bearish advisors.... People vote with their wallet, and if their was a fear of a major decline here, the VXN and VIX would be much higher as investors ask for bigger options premiums. The wallets say, a lot of complacency out there and a little rattling of the market will do it good.
By the way, that magic number of 2088 was reached on seven days in the last two weeks within about 3.5 naz points, with one run just 3 Naz points above that range (for a minute or two at 2094). That area will serve as serious resistance on the way up.
