Friday’s power dive was more than a minor setback, especially since it occurred before TLT was able to test March 28’s key ‘external’ peak at 95.02.  The kamikaze dive was the equivalent of Punxsutawney Phil seeing his shadow, meaning it portends yet more weeks of winter before bulls could conceivably recover the gumption to try again. That’s assuming they do, but the outlook would worsen if last week’s two-gap downtrend continues more or less unabated until it exceeds 90.65, an ‘external’ low recorded on June 10 that begs to be tested.