The NDX performed obviously weaker last week (financials) and closed lower on a weekly basis after defending the crucial 1600 medium-term support. First, we need to close the gap/lap to 1699/1718 on the downside. The 170 point move will give back half to 62% before resuming the uptrend, which would be around 1690 respectively1665. Although the overall trend remains down medium-term (6 months), we have now set the lows for this leg and an upside consolidation is due. The weaker sector will be Tech, though since we can expect a bleak CAPEX quarter and everyone starts to price that in. The upside should be capped around the 50 day MA at 1840 for this upleg.