The potential scenarios to convince me otherwise are nearly infinite but as of now, it would take more than just marginal new highs on the market to undo a lot of the bearish technical that are in place although a pop to new highs would certainly undo quite a bit of the recent bearish developments, such as last month’s bearish engulfing sticks on the monthly charts of all the major large-cap indexes (SPY, DIA, QQQ).

As far as tape reading, that’s very much an art & not a science so it would be like asking Picasso to tell you how to paint (not in any way to say I’m the Picasso of trading!) So many variables & factors that I really wouldn’t know where to begin. Trade & watch the charts long enough & you’ll start to get a feel for what to look for in various market environments.

@rsotc what would that/ those somethings be to convince you otherwise? And what do you think about today’s selling, impulsive enough or no? Trying to learn to read price action as you do, but that’s going to take some time, probably a long time. Also, do you watch the order book very much? And do you find it helpful? Thank you

wow, no wonder you were freaking out. you’re not fooling around.

61 certainly possible but a lot of work to be done on the indexes (more so in price than time, as IF that “another leg down to come in the market” scenario plays out, it would likely do so quite impulsively/fast).

I added the trade because the charts seem to me to be indicating the likelihood of at least a 2-4% pullback off today’s highs in QQQ & if so, that should spike TVIX up to that first target, providing a quick ~13% gain. That’s also why I provided the alternative stop for those only interested in gaming that quick pop in the TVIX if all they are expected is a minor pullback in the market before thrust to new highs.
Personally, I’m holding out for at least T2 at this time but if something I see in the charts convinces me otherwise, I’ll pull the plug early.

That would only be a $120k trade for me where I sit now with my 3000k shares @ $21.66, lol. Boy howdy if we could make that happen by July 4th.