The 20-day, 50-day and the high of last week are all at 1,174 (Black Arrow). That makes it critical resistance. It is also the top of this little 8-day trading range.
Notice how the 150-day (Blue Arrows) served as support for both the February panic and this most recent panic (so far).
Barring something nasty, I am going to operate as if the low is in. If there is a high-volume Follow Through Day in the next week or so, I will stop focusing solely on the Index proxies (QQQQ, SPY) and start to focus on high-growth leaders on pullbacks or breakouts.
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