Market Thoughts: What's Going on Next?
Market thoughts:
- Today was a material single day decline. The $S&P 500(.SPX)$ is below its short term trend. A checkmark on the risk-off criteria.
- Despite the daily decline, breadth remained positive with more stocks making new highs than lows.
- Overall 2/3 risk-off criteria are active. I will refrain from bearish thoughts until 3/3
- The melt-up scenario is on pause with $ARK Innovation ETF(ARKK)$ < 45, my trade there has ended with a paper cut. Will reattempt on next close above 45. Will repeat until melt-up transpires or a bear market never enables price to trade above 45
- $iShares Russell 2000 ETF(IWM)$ is still above 212, this is a bright spot
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