Equities bounced as expected, as laid out here https://www.meridianresearch.app/classic/notes/60bfce45-c055-418d-b73e-11ddc6cb284f. NQ1!29320 is trading above last Friday's HOD, while SOXX553.1 is trading above last Thursday's levels. This is precisely why any system that relies solely on technicals still requires human intervention. Otherwise, it gets rinsed over and over.
XAUUSD4071.045 also bounced from 3.9K-4K. As I said, "3.9K-4K remains solid ST support." The floodgates never opened because the equity selloff never came, hence the bounce.
Trump has every incentive to keep pumping the market into the midterms and TACO on Iran to ease inflation pressure. Both would improve his position heading into the midterms, and both look increasingly likely.
For bulls, we are not out of the woods yet. I still expect heavy selling pressure once ES1!7548.5 gets back to 7.6K.
We will continue to monitor PA across key assets as earnings from key names begin, starting with GOOGL349.3901 after the close today.