As we led onto last Sunday in our podcast, the major top formation that has been transpiring and working itself out over the last 2 months has now been confirmed. The Nasdaq futures level that we targeted was the 17850 level and we have watched this for a long time now and the week had a very decisive close below this level. Take a look at the massive selloff below this area as the Nasdaq futures closed the week out at 17180.75 -998.50 points or -5.49% on the week:
We have further fundamental confirmation from BofA and the Fund Manager Survey of the average cash balance:
Another fundamental chart that we shared last week, is once again shown here:
Please, you do not have to be a genius to figure out what is going on here. We have talked about this for weeks now and sometimes in our short attention span world we have today, many cannot see the flows that we see, they cannot distinguish the everyday noise and its why Magnelibra does the work for you, we are the filter to this noise, we are the antithesis of a short attention span disorder. Our goal is obvious to lay claim to a thesis then back it up with data!
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