Here's a count on NQ
[EOD]-

As discussed in the weekend piece, we are entering a 0.236 Fib time month for a potential turning point. Also note that SPX has managed to stay above the decade-long resistance zone for only three days so far. Today's low is below the zone and today's close is at the lower end of the zone range. A rejection? An attempt to break out still in progress? We shall see.
Second, some observations for the near term.

[2] However, the decline being a part or all of a small degree fourth wave correction remains technically possible but (much) less probable than before. See the following charts on WLSH and NDX.


The following chart shows a corrective count and an impulse wave count on ES. There's a relatively clear three-wave decline in futures so far, while there could be a five-wave or seven-wave decline in cash indexes to today's low.
Tomorrow's price action should be informative.
[1040am] Tracking count update update (SPX, NDX, Apple)-
This short term count on NDX is a close call. However, if it fails, it pays to keep the larger structure/count in mind.




Please see Bull market, B-wave and Beyond(2/18/11) for intermediate/long term count on the USD index.