from the previous session, that being Wednesday, ended up forming a bit of a shooting star so I do think that we have a situation where the trendline is still being paid close attention to, as it has been so instrumental over the last several months.I would expect a lot of noisy behavior, but I still like the idea of fading short-term rallies to show signs of exhaustion, because I do believe there is a lot of noise above that should continue to be a major signal as to where we are going next.
Keep in mind that there are a lot of moving pieces out there right now, and as a result, the NASDAQ 100 will show quite a bit of indecision at times. Nonetheless, we are still very much in a downtrend, and I do think that continues to be the case going forward.I don’t think that happens in the near term, but clearly, the buyers are starting to run out of momentum.