Nasdaq has been leading up recently, and now it looks like it is leading down. The Nasdaq was down 0.88% for the day, whereas the SPX was down 0.14%.
Combine that with the fact that today opened bullishly and closed very bearishly, and that my cycle chart made a divergence top with the peak today, then we have a forecast for near term weakness.
I am still unconvinced that it is the start of a 'great wave down'. But I will let my cycle chart evaluate that for me. In the meantime, I am looking for a move to the downside for the near term.