I have shown you the zoomed-out 30-minute chart of the SPY for the month of May in prior posts. Updated below, you can see the old rhyme rings true: Lower highs and lower lows/where it ends/no one knows. We are in a short-term downtrend within the context of a bull market correction, until proven otherwise. Aggressive traders have by and large been chopped to pieces in this environment. You simply must protect your capital and confidence here so that you can be properly positioned to benefit from the next trending period in the market.
I have exactly zero qualms or worries about missing the actual bottom and waiting for confirmation of a either new trend higher or a reasonably decipherable trading range. My style and discipline as a trader is clearly defined, and I encourage you to do the same even if it is at odds with my philosophy.
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