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Written by Marc Eckelberry   
Monday, 17 February 2014 09:51

thumb_ndx_monthly__2_2002_-_2_2014We got our 5% correction (and some), now what? As is often the case, NDX gives us important clues. The 100% extension off the 2002/2007 bull market is only 20 handles away at 3683 after an impressive eight day rally off the February low. This is going to be a pivotal test for the markets going forward. Sentiment is still very frothy by longer term measures, although the January correction did alleviate some of the excess. Important support will be the 2013 close at 3592 should we falter up here.