The rally on Thursday was sparked by the news from the European Central Bank and created a strong white candle on the S&P 500 daily chart. The flame began to flicker in the latter half of the Friday session and the close near the low of the day formed a bearish dark cloud cover-like candle. Of even more concern, however, was the action on the major European iShares ETF charts. The Friday fade on those charts formed high wick candles that represent rejection, and often mark a temporary top or the start of a topping process. This group of ETF’s have been making a series of lower highs and lower lows, so if they are making another top, will they make another lower low and what will be the extant of this potential drag on the broader US market?