The NASDAQ100 closed down almost 1% today. Channel support has been broken - bearish. We have noted wave 2 up – if wave 3 has started, we should see an accelerated drop next week. If markets inch down further, then it’s more of the same – incremental drops followed by another near term high – in the context of a collapsing global economy, this is beyond absurd – but Elliott wave does a fine job accounting for irrational markets. The MACD is starting to turn over – somewhat bearish. The 8MA has also turned over. Volume was up today – confirms selling momentum. While the markets have fallen today, we would have expected the US Dollar to rise – that has not occurred – the US Dollar fell over 1% this week. See US Dollar charts for more details.