My overall read

The true range indicator argues for a trend continuation to ensue suddenly. Low DMI also agrues for a trend definition to occur. What is that trend that will continue or resume, is the question. Let's review. I really like the look of SPX retesting the top of the old primary down channel. I think the NDX already did enough work on the channel top but any surprises down monday early are within context of a strong technical low that will be bought. NDX RSI 13 value is 48, ok. Unlikely to top until a bullish divergence in the -DI would occur with a new swing high. My RSI system remains on a buy at value .14, no divergences occuring yet to anticipate a top. It takes an NDX close 1765 to switch to a sell. Any new sell signal that might occur ( almost impossible) is met with a snapback to this area. The decline has reached 38% at NDX 1800 and can do 1775 50%, going for a gap. The 62% retrace 1750.8 close does hold a line on close trendline and a W1 high. Almost impossible to do enough technical damage in NDX. That could be a worst case, 1750 NDX to close above 1765. Where 1765 close maintains the rsi system buy signal. The 5 day cycle was busted, but Friday down bias did not change. Changing to the highest correlation 8 day cycle suggests it is way below trend and may regress to the mean sharply. The trend mean is 1875 NDX, forecast level is 1931 for Weds. Weekly MACD. NDX histogram increased this week from -6.88 to -2.68, weekly crosses are usually accompanied by large up weeks. SPX weekly MACD did cross up this week from -1.25 to +.25. An up move can occur with daily macd diverging while bleeding off thrust momentum, during the weekly macd cross up. Mark alluded to this stealthy macd trick. Yet it doesnt look like daily macd can cross down, just kiss then diverge from momentum. The MCO is signalling an immediate reversal up with lower MCO low at higher price low. The net evidence is hugely up next week, a spike down monday early would be bought heavily because no damage can occur to anything. And finally bollinger put volume approaching 2.0 can occur during Monday, it occurs on the reversal day, put buyers early, capitulation in the reversal. This signal never came together just right in the last low, this is it.