Agreed, nice chart. Thx for pointing that out. I have SPY just shy of backtesting the comparable TL off the Dec 24th lows on my daily chart but close enough & the difference appears to be due to the fact that I’m using log-scaling & it appears to me that your chart is set to linear (aka- arithmetic) scaling.

Thx. Those were no brainer hedges to index shorts to me. There was just no way the stock market was going to break out above those super well-watched Aug trading ranges impulsively without the risk-off trades letting out some of their hot air considering both how overbought they were coupled with the divergences & fact they were sitting just above key trendlines & price support levels that aligned with the resistance (top or trading ranges) on SPY & QQQ.

Now comes the hard part: When to close/remove those hedges. I don’t think that /ES & /NQ are likely to break down below those 60-min uptrend lines until at least tomorrow, probably after Powell speaks would be my best guess so sitting tight for now.