Zooming in, you'd see that I've added two gray candlesticks. It's just an assumption that's based on Friday's price rejection at the red dotted upper trendline. In any case, if/when the 3rd encounter with the red solid lower trendline takes place, 1637 is the support/breakout level.
What everyone in the world is not watching, however, is the IPI (red curve). The NYSE IPI (not shown here) has been in decline for 9 sessions in a row. Here's the long term view of the NQ IPI from 2007 to the present.
Edited by TechMan, 08 September 2013 - 09:21 AM.