Futures ramped last night on China trade deal pump, but PCE data came in hotter than expected. Both personal income and personal spending were significantly lower than forecast. The data is recessionary and points toward stagflation.
Today could be a trend day, especially since we've already seen sell signals triggered by volume, volatility, and sentiment indicators (i.e., PC ratios). Given the technical setup, the underlying macro conditions, and the fact that the Administration has likely exhausted its pump material (war de-escalation, tariff deals, etc.), we may be looking at a significant selloff right from the open.
Fridays tend to behave irrationally, so there's a small chance this holds up due to 0DTE flows, but I wouldn't hold my breath.
I'm currently short NQ1!22721 and had planned to size up to a full short position, but NQ has already dropped significantly from the premarket high. I'll wait for better opportunities to go full short whether it'll be ES1!6207, NQ, or RTY1!2192.1.