With the SPX closing at a new low on Friday and with the flames of hell yawning below, let's keep in mind that the NASDAQ is about 80 points above its November low. The Bear Flag targets of 1460.51 and 1434.08 both have MADE, but the NASDAQ still is about 37 points above the final Bear Flag target of 1340.14 that still is IN PLAY. I don't see any reason that the 1340.14 target will not get MADE, but the NASDAQ also is showing good relative strength here, basis the SPX.
If the SPX tanks into the 600's here, something to watch for would be a non-confirmation out of the NASDAQ of new lows in the SPX, i.e., the NASDAQ holding somewhere at/near its November 1295 low at whatever low is made in the SPX.
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