I guess I am cautiously optimistic when I look back these 1996 & 1997 sell offs as precedent.  The NASDAQ had no obvious accumulation for the 10 days after the 7/16/1996 low. NOK didn't start acting well until 8/8/1996.  8/6/1996 - 8/13/1996 DELL retreated from its highs with three distribution days.

Additionally the NASDAQ posted four distribution days right at the 1997 bottom.  4/9; 4/11; 4/15; 4/16.  NOK looked pretty weak until 4/29.  The only really heavy volume in the DELL 1997 launch from the 50 day was a day of selling on 4/11 as it retreated from the low volume breakout. http://screencast.com/t/aVhMUshUjRv

I don't know how deep the leadership pool was in April of 1997, but SCHW, INTC and YHOO were looking pretty beaten up.

SCHW http://screencast.com/t/6Wm7do4e9XPo

INTC http://screencast.com/t/Y4SKLxRI 

YHOO http://screencast.com/t/a7oqJbZSyZ