Markets do things often not expected. There are many reasons for the market to go down today, and very little reasons to argue for it to go up. Although I believe the DJIA and SPX are probably near relative values over a 2-3yr period, I don't believe the Nasdaq can be stopped from now until then.
Based on the possible cup and handle formation in the Nasdaq, and its related calculations in its pattern, the Nasdaq may be heading to 3500 in the next 2 years. Yes, I said it, and Ill say it again - 3500 in the next 2 yrs. I'm not going to get wordy, and self indulgent in all the reasons it can, and can't, but rather point to the technical formation and its possibilities. If the handle breaks down, put a stop loss at 2200 and reevaluate your portfolio.
SOX - Cup and Handle?
As a technical trader, I try not to listen to things that create to much murkiness to what the charts say. And with that said, you can either drink from the cup, or pass!