GM, Top of Mind: Apr 20, 2026 As we said yesterday, we are at a local top and expect the market to head lower over the next week or so. Updated scenarios are below. The next higher low is where we’ll add to our positions - especially scaling in ahead of IPO market euphoria, BBB stimulus, and the lead-up to midterms. 4D and weekly signals remain buy - this is a shallow pullback on lower timeframes. Irrespective, we expect crypto to have one final capitulation this summer (one last leg down) before both stocks and crypto move higher heading into midterms. Key Signals Today: - Stress Index up to 57% - VVIX/VIX and K (elevated chaos) both pointing to a pullback - see dashboard. - ES buy signal intact on 4D and 1W charts - ES 3-6H flipped sell - as expected - see charts in reply - We are starting the pull back on ltf. Most Likely Path: - Local top checked (overshot to 7150) - Dip toward the higher low, targeting ~6,700–6,900 - Then stronger expansion higher toward ≥7,400 - TBD if we see another pullback in July (depends on SpaceX IPO timing) - Only 5% chance of a black swan drop below 6,150 Positioning: - Silver - we were a bit early, will rebuy lower - Natural Gas moving up from seasonal low - Mapping out what we will buy at the higher low - Crypto majors remain quite resilient - expecting one last leg down before buying at scale Bonus: If you followed our free signal on $VCX last week, it’s up 21% from the entry. analyzed with mxc market pulse - link in reply 👇 Scenarions are below.