$ES - 3766 is key

ES Trendline support is acting as a magnet. Looks like 3760 is inevitable...just a matter of what path it takes. My take is that a snap off to 3766 would stop bleeding for time being. What happens from there is anyone's guess.

- High beta names haven't looked this bearish since Feb 2020.
- We are still in uptrend. That means institutions (read Cathie) will buy at lower levels, which would cause ripples. Very tricky for option traders.
- Given the volume, price is holding well. Bulls can take control and cause havoc anytime. Bears need to be vigilant.
- We might be in for a period of volatility in high growth stocks. Price will trade in ranges unless FED raises interest rates.