CSCO is in an uptrend out of yesterday's lows, but it is also remaining below the initial rising support/resistance line.
That line intersects the main downtrend off the Monday highs for CSCO at around 11:15AM this morning at about $24.55.
If CSCO turns back from that level and drops below say $24.40, I think the indices turn back and begin a deeper re-trace. If CSCO gets past that line, it could save the weekly CSCO chart and finish closer to $24.80 today.
The high TRINQ this AM puts the bearish alternative as the higher probability right now, but that could change.
I also believe the NWX should tag the 300 level before reversing in earnest, BWDIK.
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