Well, that was kind of unexpected. The market has been trapped in a range for three solid weeks, and its escape from the range this morning was met with the logical conclusion (a rapidly soaring rally on all asset classes). However, it stalled and unwound every morsel.
Looking at the /ES itself, you can see how the bulls ran with the baton for a few hours, dropped it, and then completely mucked it up. Conclusion: failed bullish breakout.
Unrelated, I’ll mention that my GLD puts are already (slightly) profitable.
The next potentially big event is Powell’s speech in the morning, half an hour before the opening bell. Powell has, on occasion, done some version of “People, I mean what I say!” which has the potential to smash the market, but we shall see.
