Last week, the market tumbled on high volume, pushing the market into a correction. The Nasdaq sliced through its 50 EMA and lost -2.83%. The S&P fared better with a -0.48% loss, and the Dow survived with a +0.12% gain. The small-cap Russell 2000 was the worst performer, giving up -3.51%. 

The market tried to rally on Friday, but weak bullish volume led to a late afternoon decline, erasing most of the morning's gains. However, the leading Nasdaq index is sitting on its 100 day moving average, and could stage a rebound this week. Looking back, the Nasdaq hit the 100 moving average (weekly 20 MA) in July (2013), October (2013), and February (2014), and each time it marked the low of the correction/pullback.