NQ Bounces Off September Taper Peak

Stocks first started falling in anticipation of the taper back in September. The horizontal line seen below is from that high. Take that level out and the October lows will be in play.

The Russell 2000 is near a similar support point, but below those December lows there is a much larger distance to next support.

If the market is going down, the S&P 500 has only taken its first step.