Check out my video here:

What are some important charts from today? Lets start with home prices.

This is now the second consecutive monthly contraction in home prices in the FHFA index. The Case-Shiller index is now down 6 consecutive months in a row.

The market is now also reflecting prices we saw pre-Covid (which by the way, was already starting to show some lags and cracks in the system).

With regard to the short-term technicals, I still don’t see much of a reason to pivot. We failed to qualify upside TD Propulsion, chart below.

And because we qualified downside TD Setup Trend on the hourly chart, we should wait for the 13 to complete, which it has not yet.

Positioning increased to almost 60% net short on beta with the idea of hunting for discounts into the next decline.