All momentum indicators are oversold short term, nearly to the level they were at the recent wave 2 low this past monday. The hourly indicators are oversold on the RSI and have reset on the MACD. It appears it is time for the rally to resume. The short term EW pivots held up well. I mentioned thursday night; "These EW pivots should now come into play: SPX 1300 and 1316, NDX 1717 and 1750, and the NAZ 2333 and 2375." During fridays pullback the NAZ touched 2333 exactly, the SPX low was only 1307, but the NDX displayed additional weakness touching the next lower pivot at 1705. It took this additional selling, in the NDX, to reset the momentum indicators as it reached the upper limit of the gap established at the onset of this recent rally. I'm labeling the recent rally as a wave 1 and the pullback as a wave 2. It appears we should rally from here.