We wrote a few days back after last Thursdays slash, that we felt an upside retest of the move to the tune of 4% was likely, and it would be enlightening to see how the Nasdaq reacted there. Wednesday that came, as the tech heavy benchmark came within just 8 handles of 10000 once again before it reversed almost 1% from highs. Keep in mind there was a “cluster of evidence” there, meaning a few different important signals all converged at the same area. There was the gap fill, and doji near the very round number, and todays backing away from that level was telling. Could it have been the Russell that was lagging all day down nearly 1% (CLOSED lower by nearly 2%), when the other three major indexes were still green intraday that caused it? We shall see what kind of effect this has over the coming weeks, but I did state that the highs last week could be the ascent for 2020. I hope I am wrong, but PRICE action will be the only thing to truly let us know.