NDX slid lower this week and printed a new multi-month low on Friday. Unless it reclaims 28.6K over the next few sessions, there is an air pocket down to 26.1K.

I warned that last Friday's breakdown could be followed by a relief rally before heading lower. Key indices, sectors, and bellwethers then backtested their broken levels from below. As I laid out in the previous Tactical Positioning, those backtests were expected to fail. They did, with a sharp reversal in the second half of the week.

SPX is now sitting on ST trendline support. A confirmed break would likely send ES toward 7.35K, where horizontal support coincides with a low-volume node. The SPX equivalent is roughly 7.3K. Earnings or another geopolitical event could trigger that move next week.