I got out of my sole long position in NVDA at the open on Tuesday. I think there is more downside to come in the stock market, with bounces or sideways chop obviously interspersed. On the attached SPY chart I don’t think we trade above the 690 line highlighted again over the next few weeks. We are I believe at the point in the market where all the stuff the market has ignored becomes stuff it can no longer ignore.

There is a huge difference from a trading perspective when the market is ignoring the news and when the market is getting crushed by it. Once that flips, in my view it won’t flip back until much lower levels. So that is what I am looking for.
Thanks,
Joe

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