I could not agree more. The 20DMF does not show money chasing high prices right now.
Also, the inversed ETFs do not see money moving out (except for TWM).
I believe that we are witnessing a Pavlovian reaction where traders think to be in the POMO days again.
EV tells us the bounce is a fake.
Sound trading says to wait for good settings, which are not here yet.
Usually, large gaps are faded and this is what we are seeing today (not in terms of price, but in terms of MF.)
Tomorrow will tell us what to do. I suspect a pull-back. If this pull-back is bought, then this "all clear" signal might have legs.
Pascal