"We think a key concern here is whether the Nasdaq 100 manages to hold the trigger line that we believe exists at around 8,180," Takada said. "It appears that CTAs have put a stop to their accumulation of long positions in Nasdaq 100 futures."
"In terms of technical patterns, we think that CTAs may take another stab at chasing the market up starting around April 29, provided that the index stays above this line," he said. That's a situation that's since transpired. "In particular, the global heavyweights among macro hedge funds are still bearish on equities," he said.
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