The Qs were holding their own going into Friday when the bottom fell out. We are now seeing some cause for concern looking at the linear regression chart above (click to view clearly).
If the Qs break through the bottom of the channel at 52 then we can expect more downside action to follow. For the present, all three channels are still positive, with the suggestion that Friday action was a selling over-reaction. With many of the big names yet to announce earnings next week however, I remain cautious and am on the lookout for some confirmation signals before initiating new longs. (see Friday's comment on VIX)