S&P 500 continued its ascent driven by Nasdaq, fine NVDA earnings – only to reverse from 5360, well before the hot PMIs. Fears that inflation with deferred cuts if not tightening, are what has disquited the market. At the same time, NVDA wasn‘t knocked off, bonds didn‘t crater badly, and Sep rate cut odds remained more or less the same – are pronouncements similar to Dimon and Druckenmiller actually a sign of willing accumulation by the big guys while retail reacts emotionally the way it always does?Following Memorial Day (happy holidays if you celebrate), Not underestimating the not dovish Fed odds in response to data, I‘ll release extensive analysis just published in our channel that discusses various ratios, seasonality and intermarket perspectives incl. Bitcoin (which I am releasing to swing trading clients as well of course). S&P 500 and Nasdaq 
The key part is „not yet time to turn bearish“ – what does that „not yet“ actually depend on? I would look at sectoral performance beyond tech, semis and financials, I would look at price action respecting the levels given in the opening premium part of today‘s analysis, and on 4hr time frame as well (if not hourly).More By This Author:NVDA Earnings ResolutionReady For NvidiaSPY Flag vs. Yields
