The story of the NASDAQ is the story of a lot of global equities at this point. The SPX             and DE30EUR             come to mind.

This, among others, is what makes me doubtful of new DJIA             highs. I’ve singled out the NASDAQ because the bearish divergence is the clearest.

I favor shorting the NASDAQ on intraday rallies because of this clarity. A break of green support to the middle yellow line – the center of the range – would be a sensible expectation, with a return to the lower support line being the 2nd target. All this can take place over the next 3 months without violating my fundamentally bullish outlook. A break above ATH             would shift me bullish again.