Both the nasdaq and s&p are coming up on important levels to break if this downtrend is to continue. Both fall at their 61.8% retracement, shown in purple (@1291 ES, @2277 NQ), which also corresponds to two previous low peaks, one in early march and one in mid april. If we break through these levels, I feel it will be quick and probably will get a pullback this afternoon back to them before ultimately heading farther down. If you are bullish still in this market, this is as good of place as any to either pull of short positions or get long with minimal downside risk. I for one am keeping my shorts.