NDX looks like it could find support at ~11,000 for the following reasons.
1) Potential Trend Line Forming; Break toward the top
2) I have the 2 Stdev Bollinger bands plotted: Price action is at the lower limit at this moment and could present buying pressure from the many who use this metric for entry points.
3) Fib levels show a retracement level at about 11,0000
4) VXN looks like it is hitting resistance at 43 and we are lower today than the values we saw on 10/28. Next resistance is ~46, and then ~60, so some risk there if volatility breaks out, but currently looks like the 43 level is holding.
5) PCC ratio is lower than the 10/28 value as of this moment, providing a little bit of comfort.
With this in mind, I believe this is a decent entry point for those willing to take the risk. If you have the ability to trade options, maybe consider selling some delta 30 covered calls to hedge your trade.
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