Ditto your thoughts on S&P moving higher on bull scenario. Mother of all resistance @ 1080 keeps coming to my mind before sanity in equity pricing returns.
However, I am having a hard time coming to grips with any meaningful recovery in tech as long as virus writers got MSFT on the continual run with multiple critical updates per week and IT staffs in second week of pure defensive shadow boxing.
Consider third party software companies backpedaling on every MSFT security patch to see if software still runs as originally written. 2nd tier system software vendors must have phones ringing off hook with customers irately screaming why their software doesn't work after applying recent MSFT updates.
Intel, MSFT and Dell going to have hard time in 3Q if IT staffs roll back any system upgrades due to daily milieu of virus/worm housekeeping.