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I don't mean bulls in general, I just mean the crowd that probably got hurt quite badly at least two times now this year. Surely that has to be quite a large crowd, that will be a bit more skittish going forward now. Therefore sudden large drops could be possible. But of course this all depends...

Looks pretty logical. I wonder how masochistic bulls still are after being burned twice though. I think there is a case for the peak to not get so high this time. Unless forced of course.

So we get rumours and whispers instead until then. I very much doubt they will pivot. Inflation will go through the roof if they do, and they will have wiped out peoples portfolios for no reason if the markets goes straight back up again.

The 10yr rate has been going wild

NQ is still above support. I reckon the drop wont happen until tomorrow. I am staying short though.

I guess it depends on what you believe got us to this situation of high inflation in the first place. Some people believe its down to the supply chain, and conflicts entirely. In which case, if they are resolved then things will recover quickly. I personally believe its more down to QE feeding...

Good point. So they cant really control the pace at which they roll off then. I didn't know much about it really.

You would think so. But given that interest rates are no where near high enough to offset inflation yet, inflation isn't going down, and the Fed has hardly touched its balance sheet, then I would say we have only just seen the start.

Wow they have hardly even started selling anything off yet!! 2400 here we come. You would expect to see the balance sheet make large moves down around each SPX peak. Or don't they have anyone who knows TA? Could be a medium term bottom though I guess.

New weekly low close on the SPX. Surely this reduces the chance of a bottom now?

Seems like a slow grind down again now.

Well I definitely fell for that bear trap

Maybe even a green day at this rate

Yeah or I guess this could be a pump ready for tomorrow.

I was expecting a drop really. Especially coupled with the PPI update

That makes sense too. Agreed, which is why I said "trying". I think there were spikes but they just didnt capture enough peoples attention.

I would say the rise last night was the pump though. I don't think this current drop is to lower the prices ready for a buying frenzy at the open. But I could be wrong.

I guess they were trying to pump up the markets ready for just now.

I think a lot of people who participate in the markets don't even know how to go short or feel that going short is immoral. Not an answer to your question, but just something I have thought about.

Thanks! Laissez Faire mentioned it was the RTH open rather than the ETH open, which I was looking at.