Watch NDX 1038-1040. If we turn back there, watch the re-trace points at NDX 1007 (.618) and 997 (.50). If we breach the 997 level, it is an indication we may go back to test today's lows again, IMO.
If NDX 1007 holds and we subsequently take out NDX 1040, I'd have to say this could be the real deal and could extend.
INTC on Tuesday, MSFT on Thursday, both after the close. Greenspan talking Tues and Wednesday. Max Pain at QQQ 25 (NDX 1004 or so). I don't think it is as plain as day.
The SPX and Dow have made a pretty good case that they have made local lows. However, I think we need the Dow to breach the Sept. lows to get a rally lasting more than a couple of weeks. I have a hard time believing people are going to rush in and buy the Dow stocks after nearly every other index has breached the Sept. lows. It has the appearance of the other shoe waiting to drop.
I think some people will be thinking they don't want that shoe dropping on their exposed necks.
That said, we may not have the kind of margin calls that may have forced the Dow and SPX to drop so rapidly this past week, so the lows there may hold.
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