Recognizing the difference between a reversal and a pullback is one of the most fundamental problems to solve in trading. It is not easy. In trading, one can however choose to get out on strong momentum peaks and re-enter at either the same price (if no pullback) or lower prices if price pulls back. Admittedly, I'm not the best myself at doing that. By now, the long trade is a hope trade where one can only hope that the market finds a bid and reverse higher.
Weekly SPX does still just look like a bullish pull back. NQ and ES charts look bearish, but oversold on hourly and 4 hourly now. So long does make some sense to me right now.
Yeah. Looking at things now, I would be surprised if the SPX can gap close here. The futures have dropped quite a bit more than I would have expected since I made that post.
Geez even AAPL gapped down bigly, guess because the thought China would ease Covid restrictions ain't happening any time soon.