QQQ and SPY are set to close in a weekly downtrend for the first time since November 2023. Many names and sectors are already down 50%+ and yet it’s only the the first weekly downtrend candle. Statistically when this type of trend change happens we head lower or chop for 14-18 weeks.
However, chop and further pullbacks in SPY are not bad for us if 1-2 sectors can pick up the baton and lead; which is often the case.
Unless we get a huge bounce here there’s still nothing to do, we scooped some nice entries a few days ago as posted in the Trades channel. We now need the market to pivot before we add in order for the R/R to be worthwhile.
We live in an instant gratification society, full of impatience and lacking discipline. You get paid to be patient in this game, and so I continue to wait for more fat pitches.
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