The waning.

Things get quiet absent major news.

Sell-side volume looks to be waning, giving rise to the probability that buyers will be stronger in coming sessions.

And yes, there was a Follow Through Day* on the Dow made a week ago, but not for the S&P 500 and Nasdaq.

We’re keeping our Seller’s Edge flag up for lack of Leadership and broader Institutional Support in the market.

Technology shares are suspiciously reluctant to rally, we need to be reminded this is still a seller’s market.

To sum it up without making the mistake of overanalyzing the situation:

Let the market prove itself to you. If we break down we’ll look for more shorting opportunities.

If we rally, we’ll gauge its friendliness insofar as Leadership and Institutional Support for buying opportunities.

* An FTD occurs between four and 11 days of a potential low, and is marked by close to a 2% gain on one of the major indexes. We wait four days to give shorts time to clear out.

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