Further downside into Tuesday or even Wednesday is going to be in line with previous price moves of this sort.

The odds are higher that there will be continued selling early this week, although Toni Hansen can then easily see the market try to turn back around on Tuesday. She would expect things to start to slow down, however, as the week progresses and holiday trading continues.

Despite the Nasdaq's losses, all three of the indices managed to hold those Wednesday lows Toni Hansen was looking for in order to maintain the daily pattern she's been following over the last couple of weeks.

Toni Hansen's expectation of greater overlap and a choppy, slow upside this month from this point onward continues. What she hopes to see is for the lows on Wednesday to not give way to another strong selloff, but she doesn't think this is likely quite yet.

The choppier back and forth upside ahead of the fall that Toni Hansen had been expecting would have had a better chance with a 50 basis point cut. If the market can hold Wednesday's lows into Thursday, then that scenario is still going to be valid.

With the Fed looming, Toni Hansen is expecting some corrective action off the recent highs. The market typically pulls higher the morning of the Fed and then volume dies off over noon.

A rate cut on Thursday is highly anticipated, but Toni Hansen suspects that there will primarily be a trading range this week with a great deal of overlap from one day to the next unless the Fed does something completely unexpected.

Despite the buying, the volume in the indices continued to drop on Thursday, but Toni Hansen is still looking for a bit more upside into Friday.

Toni Hansen is anticipating the buying to continue for about two more days but expects the overall momentum to be much less than earlier last week and possibly with greater overlap from one day to the next as well.

Toni Hansen is expecting the congestion from Tuesday to break lower into Wednesday.