Randy, Thanks and appreciate the quick response. makes sense

Good question & yes, SPY entered the Aug trading range which is a net bullish development. However, I’ve repeatedly stated in recent months that I put a much higher weighting on the “Mag 7” concentrated Nasdaq 100 than the S&P 500.

Additionally, I’ve cited how that although the tech sector (XLK), 1/3rd of the S&P 500, peaked back in July 11th & still remains comfortably below that peak today, that it was the two second largest SPX sectors, financials & healthcare, which account for 1/4th of the SPX returns, that we holding the SPX up despite the correction in the NDX. However, with both XLF & XLV recently breaking down (triggering the sell signals I was looking for), until & unless those top 3 sectors can undo those sell signals and/or start taking out the key overhead resistance levels that I’ve been highlighting, I’m going to take those sell signals on face value.

In other words, yes, SPY back into Aug trading range net bullish but collectively, I can make a stronger intermediate to longer-term bearish case than I can the bullish case, at least as of right now.

How the market trades after Wed’s rate cut (not immediately but over the next week or so) will likely determine the direction of the next 10%+ move in the market IMO.

Watching XLF, NVDA, & QQQ (as well as some other key stocks, sectors, & currencies) very closely but still maintaining my longer-term downside price targets on QQQ for now.