Not sure which lower high you are referring to but basically, this is the expected volatility/price swings that come around such a huge (peak) earnings week +FOMC meeting. $SPX & $NDX still above the recent lows & today’s slide, although technically induced via a break of that short-term uptrend line off the lows on QQQ I recently highlighted (plus NVDA breaking down below my T2 level & MSFT rejected off primary trendline backtest), will is most likely a bout of nervous profit taking in front of MSFT & AMD earnings tonight.

My initial thought was to type “nothing has changed in the technicals or my longer-term outlook” recently but that’s not true as we continue to get additional evidence that the market is likely headed to my deeper downside targets in the coming weeks to months. Just need to get this historically volatile peak earnings/FOMC week out of the way and also take out the recent lows (T4 on my /NQ daily chart) with conviction to open the door to the next leg down, bounce or no bounce up to my min. near-term bounce targets first.