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For thirty grotesque months, we have been suffering under the yoke of trillions of dollars of Free Fed Bux. For the first time in that entire shameful era, we have cracked the trendline on the /NQ which I believe will preface this year’s last major sell-off.
At long, long last (OK, maybe a few days…….) freakin’ energy stocks are finally breaking down. God almighty, that took long enough.
I’ll start by saying that I believe we will resume notable weakness before this week is over. Maybe today. Maybe Friday. Sometime soon.
The core pattern driving this weakness, in my opinion, is the clean series of head & shoulders patterns among the intraday charts across important asset classes. Here, for example, is Ethereum futures:
