I have a couple of observations about the broad indexes, as I have been examining their 20 year daily charts this grey morning.
The first two are the $COMPQ and the $NDX, both of which are at major retracement levels. The $COMPQ is right at its retracement which starts way back in the autumn of 1990 (!) and was tagged last in 1998; the $NDX is in the midst of a couple of major Fibonacci retracements. This looks pretty bullish to me (and it's not lost on me that the likes of GOOG actually went up on a wretched day like Friday).
The other is a side-by-side of two $SPX charts; on the left is the bottom of the 2000-2002 bear market; and on the right is our current market. If on Monday we gap down and then end the day meaningfully higher (e.g. triple digits on the Dow), that would speak to a more extended bounce.
I am really doing a "deep dive" on the charts today, as my portfolio is at a record high and I want to defend my profits (and attempt to seek more) to the best of my abilities, without being wedded to any anticipated direction.
