Sunday Night Charts - Dreambear Rally is 6 to 7pc

Update: Given the overnight and premarket slide, now the rally could be more like 7 to 9 percent. The resistance levels should be tested assuming this isn't a crash situation.

In my ideal scenario, theh indexes will explode higher on Monday, have a solid day on Tuesday, explode higher again at 2 PM Wednesday following the FOMC statement release and top while Powell is speaking. A rally of 6 to 7 percent takes IWM to resistance, QQQ to resistance, and SPY to its 50-day MA. It also would create a gorgeous H&S top on QQQ and be a perfectly clean reversal on the Russell 2000.

Both QQQ and IWM would project to lose 16 percent on the next move down. Those moves could already be underway. IWM would lose another 11 percent from Friday's close to reach that target. Nothing to sneeze at, but failure at resistance would give bears a clear "fire away" signal. Whereas continually dropping from here opens up the constant risk that "today" is the day the bear rally kicks in.