If nothing else, NASDAQ's levitation in a tight range over the past week and a half appears an uncompleted corrective wave, while an imminent, violent retreat, a subtly foreboding underlying technical state likewise warns.
Not to ignore positive developments into July, we likewise see negative divergence (indicating underlying weakness) at NASDAQ's early-August peak. Thus, positives more immediately are diminished.
Moving to the present, the question becomes whether seriously fading leadership (seen sunken below its measure's 200-day moving average) bringing NASDAQ's Composite today a shade below its best print in over a decade opens the door to a heart attack, if not wrenching heartbreak, as well?
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