Well, markets sold off. Was it really much of a surprise? We had one of the highest RSI ratings in months and all the new talk of a new bull market. Check out the Nasdaq below, just responding very cleanly to the overbought conditions.

The S&P even more perfect here, kissing the 200 day moving average and coming off.

One of the best performing parts of the market has been the biotech, and even they were not safe today.

Why? Y'all, it's still rates in control. Look, the bonds just failed the 50 day and TDST.

The USO oil ETF with a 13 buy off the 200 day moving average

Don't get stuck trying to explain the macro or fit some political thesis to what price action is clearly saying here: inflation is sticky. Tech names reacting and possibly front running another leg up in energy and rates.

In Discord, we were buying DVN and XOM on Monday which have held up great so far this week. We are growing a great community of technically focused, objective traders. I hope to see you in there. Picking winners is easy, trading them and holding for max juice / quick losses is where the real edge is. You can get a glimpse of the real time workflow on Discord.