That's all true. But if you look at the daily, we finally broke below the trendline today. It still remains to be seen where we will close, but just the fact that it broke below the TL gives weight to further bearish onslaught IMO.
True, we could be seeing -finally - an N. Es close 5770 or lower would look a bit bearish imho. And don’t start about W’s now
We love you. On a serious note, though. NDX is lagging way behind and really putting a lid on the market lately. SPX made multiple new all time highs, but NDX still haven't. We're still in the window of weakness of the year. Wouldn't surprise me with a bit of selling in October. Not a prediction at this point.
The problem with the long side at the moment is we're up so much already for the year it's getting hard to push the long side. Not convinced we'll get any decent selling either. So, worst case outcome we'll be grinding up here on lower volatility with a lot of range bound sessions that doesn't really go anywhere.
This entire market is like a simulation. It's definitely not dropping. Will keep hitting ATH after it puts everyone to sleep with a ton of chop. Truly unstoppable. Look at the monthly chart. This uptrend is impossible to break.
Nice pump! Great timing of @v-shape-0DTE's return. My point still stands, though. SPX ripped through new daily highs. NQ still didn't take out the morning high. Sadly.