The Nasdaq was the most important mover overnight. The trend reversal in the Tech stocks could end up being the final top of this move. So while the world was debating a triangle in the Dow, the Nasdaq completed a running triangle and took off to new highs in wave 5. Last nights decline therefore looks like wave 5 is over. This combined with the massive inter market divergence that the Nasdaq has with the Dow can mark a major long term top.
In the bigger picture the recent highs are all along the rising channel from the 2011 bottom. The yellow channel broken we are now watching the blue neckline as the breakdown point at 6660 for a free fall.