Changed my mind after posting the video I just did. NVDA a hair below that nice downtrend line + 116.80ish price resistance so just started scaling back into a new starter short position which I am also viewing as an indirect hedge to my /NQ longs. Might even book quick profits if NVDA reverses today or tmrw & then recycle back in but will also add on strength into the next resistance levels. Staying flexible this week.

I suspect Powell will tell the market what they want to hear in regards to locking in a Sept cut & if so, that will be the catalyst for another thrust up to hit my minimum bounce targets on /NQ & QQQ later today. Just my 2 cents but that is a likely scenario IMO.

Not re-shorting (shares or puts) just yet. Looking for a potential “rip your face off” rally today and/or tmrw since if my 474 min. target on QQQ is hit, as I still expect, that would be a +3.6% day on QQQ (if it happens today). Shorts are getting squeezed hard today & it will only get worse if those key resistance levels on /NQ & QQQ we are testing get clearly taken out, as I suspect they will.

I repeated warn of reading too much into an initial reaction immediately following earnings from a big company like MSFT yesterday. Can only imagine how many retail traders piled into SQQQ thinking the market would crater today because of the post-earnings reaction in MSFT. Meanwhile, lot of tech & semi stocks closed on and/or reversed off key support yesterday.

Still think this market is going much lower, just probably a little more bounce before then plus Uncle Powell has already started to revert to his true nature (dovish) so FOMC at 2pm today likely to please, not worry the market…. again, short-term stuff… let them pop the market & key stocks back into resistance to provide objective levels to close longs & reverse back to short. Always ready to pivot quickly though, if I see things that convince me to.

Great call on the bounce. Congrats! All JP has to do is not affirm a September cut and this baby will drop like a lead balloon! Puts placed according!

The sell-off since the July 10th top has been mostly due to Big Tech/Mag 7 & those stocks have a much larger weighting in QQQ than in SPY.