Show notes:
Summary
Major indices continue drifting lower below declining short-term moving averages
Nasdaq remains stuck in a wide multi-week range with no breakout
Former leaders (DIA and IWM) have rolled over after failed breakouts
Small caps briefly reached correction territory (~10% from highs)
Global equities and emerging markets losing momentum
Bonds gave back recent gains and no longer showing leadership
Crude oil experienced an extremely sharp move higher, now consolidating
Semiconductors facing resistance from AVWAP and the 50-day moving average
Biotech showing relative strength in tight consolidation
Software bounce losing momentum near overhead AVWAP resistance
Mega-cap stocks consolidating bearishly in an intermediate downtrend
Environment characterized by failed moves, volatility, and lack of directional follow-through
Current approach: trade smaller, remain patient, and prioritize risk management
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