Given the complete wrongness of my expectations for this week, I am certainly not going to try to continue building positions on a quadruple-witching Friday. Instead, I'll come back Monday with a fresh view of the index for next week.

Technically, we are seeing a news-driven event spike the index right back to the former resistance level from July. This type of exhaustion from a news-driven event normally brings out profit-taking, especially with resistance just overhead. This should help to push the index back under 2000 in the near term.

A push back under 2000 would be a relief to the bears that were caught on the wrong side of the strength we saw Tuesday and Wednesday. They most likely would use that weakness to take off some of the positions that moved outside their risk parameters. A fight between bears and bulls near 2000 could keep the index locked around that level.

But Friday's trading behavior will be dictated more by quadruple-witching than by technicals. I'll look for the gap just under 2000 to fill over the next several sessions as the post-Fed market strength succumbs to distribution pressure. If the index closes back above 2050 before moving under NDX 2000, then this bias is incorrect.