Quantitative easing (QE) remains in effect until at least June, so if history is any guide, downside could be limited to -10% in the NASDAQ Composite. The only time since QE began that the NASDAQ corrected more than -10% was in May 2010 when QE was halted for a few months.
Check market internals, http://finance.yahoo.com/advances, to further your insight into the market.
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