We got our big bounce yesterday, and we got a smaller version of it this morning. Across the board, the price levels that had represented support until last Thursday now represent resistance.
![](https://slopeofhope.com/wp-content/uploads/2024/09/nqsame-640x299.png)
You can see this “phase change” everywhere you look, including the /ES. You can see the support (green arrows) go through a violent mutation (cyan oval) which has now caused the purpose of the horizontal to invert (red arrows). The next eight trading days are going to be exceptionally rough sailing.
![](https://slopeofhope.com/wp-content/uploads/2024/09/phasechange-640x304.png)
Of course, to any surviving bears out there, the ideal scenario would look something like this:
![](https://slopeofhope.com/wp-content/uploads/2024/09/desat-640x370.png)
My key position, EFA, has respected its own resistance level nicely, and even on this everything-is-green-for-no-particular-reason morning, the bid/ask is suggesting a dip at the open.
![](https://slopeofhope.com/wp-content/uploads/2024/09/EFA-640x464.png)
I am aggressively positioned on the bear side in the midst of all this, having re-established positions during yesterday’s strength. Equities have gone straight up for the past four hours, so let’s see if that horizontal still holds.