A Picture is Worth...

Is the TSLA meltdown a cause or a symptom? The Growth stock bubble has double-topped and may have further to go.

The secular decline in SmallCap vs Large Cap is still intact. But is the double-bottom a valid structure?

MidCap has already made more progress but has reached the downtrend resistance.

When Utilities vs Materials stocks move - they move quickly! Right now we have Goldilocks but the trend should reverse lower with the Fed still hawkish.

Once the Fed stops tightening the secular commodity boom should quickly regain its footing due to global supply shortages from underinvestment. But just as we saw in the 2000-02 tech bubble tightening phase, the cyclical checkback is underway.

Bitcoin is still in no-man's land after breaking the exponential move against Boomer Bitcoin - aka Gold. The Fed is still in charge of the global monetary system despite what the cryptophytes say. At $16k it still looks like a falling knife.