This chart plots weekly performance of NASX vs NYA. In my last post back in July I noted that NASX/NYA was pushing into major long-term resistance. I expected a significant multi-week correction to proceed from there. However NASX did not breakdown in August, indicating that the real correction is potentially still ahead of us.
From the trading perspective, it makes sense to short NASX for as long as NASX/NYA remains within the channel, and no sustained breakout is seen.