S&P 500 spike into options expiry Friday was predictably rejected, and tech led the daily reversal, joined by communications and discretionaries. This shot across the bow in the topping process (major top preceding lackluster summer culminating in Sep bottom) shows that Nasdaq wouldn‘t hesitate in leading the decline. That‘s the strength of passive investing in reverse – leading higher, and then leading lower. This quad witching was a trial run, for I think the downtrend would establish itself within 2 weeks latest – and it wouldn‘t happen because of sharp deterioration in incoming data or pro…

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