$SPX and $NDX Technicals

S&P 500 and NASDAQ 100 are selling off on notion that US economy is heading for recession. I think that we are on the precipice of a possible QE3 announcement. http://viewonmarkets.blogspot.com/2011/08/mr-bernanke-mr-market-is-calling.html
This said, let's address the technicals. I posted yesterday that SPX is fighting 200dsma from below and NDX is fighting 50dsma from above. We are having the same fight as I type.

Levels below for SPX, should 200dsma lid hold: 1258, 1249, 1230, 1220, 1187, 1160, 1130.

NDX levels below, should 50 dsma break:  2300, 2283, 2255, 2218, 2190, 2150, 2085, 2060. NDX looks to be in much better shape though, (for now).

I seriously doubt we get a straight down move. A lot of bottom pickers are waiting to reload here and at flat on the year line. I suspect market sucks them in first and then dumps majorly, only to rebound after they are all stopped out on the announcement of QE3. I know, this is all a hypothesis, but isn't that what we traders always do? Be ready...