The bloom is definitely off the rose of last week's rally above the descending trendline. Of course, this is a pretty short-term line, but all the same, Friday's surrender of the 7.8% (snicker/guffaw) unemployment rate and today's continued weakness is definitely challenging the integrity of that trendline as support.
It should also be noted that the weakness of tech leaders like AAPL and GOOG have caused a marked divergence in the NQ performance (in black, below) are compared to the ES.
