NDX is within 1% of its 2011 highs and is filling a gap it created during a sharp decline at (1) in the above chart.  What the NDX does at (2), which is a gap fill should be watched very closely.  The gap fill along line (3) ended up being the lows back in March. 

This upward gap fill going to become important at (2)?  Keep in mind the 500 index is testing short-term falling resistance at the same time (see post here)  As usual, if this resistance does not hold, will be a buyer of a breakout!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past