Hot diggity dog, what a day. The Nasdaq ripped almost 3%, Microsoft went up 16%, semis were on fire, and just about everything on your screen was green. I'm still looking lower. I know. People are like, why would you short when the market looks so strong today? Because this works. This works until it doesn't, and right now it's still working. Let me walk you through the channel we're in, the measured move we already got, and the two things that would tell me I'm wrong. Let's talk shop. Go back to July when we broke that pennant. I identified it as a straight up pennant and I think that was clear as day, though one could argue it was an M top because we had a lower high in there. Either way, it broke. Here's what a broken pennant hands you. You take the mouth of the pennant,

If you're on Twitter right now and you've seen anyone say oh no, this is just a consolidation, it's not a consolidation anymore, homies. This has broken down. We officially broke down on a non-catalyst, because yes, the Korea story is out and about now, but we were already breaking down before that. The reason I think this still has a huge way to go has nothing to do with the news, though. It's what's sitting underneath us on the volume profile, and it's a direct result of that move we made back in June. Let me show you what I mean. Go back to the Iran drama. You had a fragile market, that took it down, and then with that being solved you got a parabolic move higher. That move was fugazi. And when price runs parabolic like that, it doesn't build volume on the way up. Nobody's transacting

We're sitting right below multi-day VWAP right now. I want to talk about this level specifically, because it does not behave the way people think a level behaves. You break a 200-period moving average and that kind of helps you. Path of least resistance to the other side. Multi-day VWAP is a completely different animal. You break it and it pulls you right back in. There's a word for what this level does to you and it took me a second to find it, so let me show you the chart first and then I'll tell you what it is. Start with the moving average, because that one works the way you'd expect. You break a 200-period and that kind of helps. It opens up the path of least resistance to that other side. And if it holds instead of breaking, it creates a concrete wall, kind of hinders price.