📺 WHY I DON’T TRUST THIS BOUNCE + $SPY / $QQQ KEY LEVELS + $NVDA CONTROVERSY + BLOOD IN THE STREET ACCOUNT UPDATE The market has been broken since July, and despite this morning's bounce, I see little reason to believe the correction is over. Failed breakouts, deteriorating leadership, and stocks trading below their 8/21-day moving averages have made this an extremely difficult environment. That's why we've been mostly in CASH. Some traders are taking tactical positions, but I'd rather take a few small paper cuts than suffer massive drawdowns. Plenty of investors have watched individual stocks lose 50% or more while waiting for a recovery that never came. * Now we have another complication: $NVDA. Over the weekend, unverified allegations involving Jensen Huang and a suspected Chinese spy circulated, raising concerns about whether #Nvidia could trigger another market selloff. But so far, the broader market is largely ignoring the headlines. $SPY is up, $QQQ is up, while $NVDA is down approximately 5%. That divergence is worth watching. * Nvidia's technical picture is terrible. Remember that failed breakout? It was one of the worst we've seen. Since then, the stock has remained below its moving averages, with rallies offering better shorting opportunities than sustainable long entries. Now #NVDA has broken below $181.46 and is trading near its yearly lows. The next major downside reference is in the $160s. With the controversy, significant gaps, and ongoing selling pressure, there may be much easier stocks to trade. You don't have to catch every falling knife. * $QQQ has been leading this correction lower. The warning signs appeared back on October 6 with a topping tail, followed by a failed breakout, a break below the 8-day moving average, and an unfilled downside gap. $QQQ eventually reached $647. Now we're seeing a modest bounce, but $664, Friday's high, is the first important resistance level. A rally toward that area could offer another opportunity to establish shorts rather than chase the upside. * $SPY recently tested its 200-day moving average around $732 after falling roughly 6% from its highs. We're now near $740, with Friday's high at $742 acting as immediate resistance. If $SPY clears $742, there's room for a move toward $750. But if it gets rejected and forms another bear flag, the next test of the 200-day moving average could be trouble. * BLOOD IN THE STREET ACCOUNT UPDATE Despite my defensive trading stance, I finally put 25% of my Blood in the Street Account to work on Thursday. This strategy has a specific process: the S&P 500 must decline at least 5% from its highs before capital gets deployed into an S&P 500-correlated large-cap fund. It's not about buying $QQQ, $IWM, or individual stocks. The strategy has worked 18 out of 18 times historically, and with the S&P down approximately 6%, the rules triggered another purchase. * So, I'm still mostly in cash tactically, but selectively putting longer-term capital to work. This market remains broken. Don't confuse an oversold bounce with a confirmed recovery. Protect your capital, respect your levels, and stay patient. There will be better opportunities ahead. * If you found this helpful, please ❤️like and 🔁retweet