At this point in the game, bears usually start attacking again as we hit up against QQQQ's 10 day exponential moving average at 39.50. Any oversold bounce usually meets this fate and it is critical for bulls to hold on to the 5 day moving average, now at 39.05 in oder to maintain any hope of stopping the bleeding. It seems everyone has pretty much given up on the old tired bull of 2003, so there is still a chance surprised bears could start a short covering rally that would eventually takes us up to 40.16. After that, it is anyone's guess, but first things first and bulls need to hold 39.05. Keep an eye on gold, it has been giving us many clues lately. A strong rebound in the metal would signal trouble for stocks and lower lows.