Trying to look at this from a yield perspective rather than just price action.
SPX is pulling back, but so far it’s mostly a test of the 50-DMA. We’re not near the 200-DMA yet, and real yields haven’t exploded higher. That’s important.
If we start breaking the 50 cleanly, breadth rolls over, yields push up and gold starts ripping aggressively, then I’d worry this isn’t just noise.
But if 50-DMA holds and yields stay contained, this probably ends up being another positioning flush. We’ve seen that before.
To me the real tell isn’t the red candles, it’s whether real yields and the dollar start trending higher with them.
Curious where people stand, distribution happening quietly, or just weak hands getting shaken out again?