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The five-year chart of the NASDAQ illustrates that is has run into a zone of rather formidable resistance and it appears to have put in a triple top formation. Triple top formations are usually followed with substantial declines. Also, a series of negative divergence signals have been generated; our technical indicators confirmed none of the recent new highs.

Things are certainly heating up, and it will be interesting to see where the markets are trading 3, 6 and 12 months from today. However, for now, we feel that the markets still need to let out a bit more steam before a sustainable bottom is in place.