Shack, the difference between here and 10-10 is the neckline on the S&P. It hasn't really been tested the initial breach other than that flag that formed between 840-868. I think a test now would be a better textbook example of a back-test.
I think many of us are looking at this low as similar to the Feb. 22nd low last year. Many of the BP charts on the COMP and NDX are similar, and many of the other charts like new lows and new highs show we could drop quite a bit more.
One thing we often forget is the delta hedging up. We sometimes get hung up on nailing Max Pain and dropping, but we could just as easily nail it Tuesday and be delta-hedged up into expiration. Max Pain on the QQQ is $24.60 or so, and they could take it up to $25.80 easily if they want to delta hedge above Max Pain. We could just play around in a range this week also and jump up next week too.
Last March we had a 10-day ramp once the re-test sequence was complete, if memory serves. A similar situation without the re-test sequence would have us up into the turn at the end of next week. We'll see if that happens.
As for T/A, the weekly charts printed hammers last week, and usually those are not resolved without some upward movement for a couple of weeks from what I could see.
Market Data 
Markets 
AI
