The Bear is in charge

Bullish bias never last forever. YM has been terribly weak this whole week.
But especially today. (15 minute chart)

 

NDX is still pretty stiff so i'm not excited quite yet, although to quote ROASO it could be the 'stiffness of death'

A summer selloff is expected, we could see a low just before the election. Before any big move up..

 

I agree with you about a low. I have a quarterly balance level pivot sitting at 37226. I suspect next week it will continue going lower. This market loves to rotate from it's balance levels. If I'm wrong I'll take my losses with a smile.

 

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Same with SPY + related \.

 

The underlining fundamentals for the OP is solid. There doesn't seem to be any rate cuts still on the table. Infact..inflation looks to keep rising all through the summer. And Oil as well. And the Risk suddenly looks ON.

This is not the way I had slated my trading strategy. I really thought the election year would hold up very well...lower inflation, lower oil, lower interest rates, Risk Off.

I am thinking this thread will show some decisive technical charts as we keep moving forward from here. Bearish breakdowns in our always Bull market.

 

There was basically a liquidity vacuum on Wednesday morning after the pre-market inflation data, as well as the sell off on the 4th after interest rates comments in the afternoon.

But today was a pretty classic solid sell off.

I wonder how many stops are set below 18,000 on the NQs...

 

I'd guess there are at least a few million stops.

 

Are you guessing that we will find out and hence price will be pushed lower to see?

 

That kind of guessing is beyond my pay grade. I just trade here.

 

very beautiful chart.

There should be many happy faces.

Congrats to those traders.

Such good trading opportunities are not that common.