The Nasdaq is leading the entire market lower. This is most evident on these 120 minute charts where QQQ has already fallen out of its Fibonacci reversal window, while SPX appears about to do the same. QQQ 120 Minute SPX 120 Minute Both indexes may move sideways for a few hours, but the next leg down will be triggered by SPX falling through the bottom of its Fib reversal window, breaking below about 4100. It's possible that the market will hold up until Powell's Jackson Hole speech on Friday morning, but it's also possible that the speech will be used by Powell to stop the bleeding of a spike lower in the market over the next few days. IYR Yesterday IYR closed below its own Fibonacci reversal window as well as triggering a fresh Sell Signal in its Intermediate Term Trend Model. The IYR Sep 16th $100P is trading around 2.75 and with almost four weeks to expiration has attractive upside potential. The last Sell for this model was on Apr 27th, shown as a Wave (1) down on this chart, taking price from $106 to $86 on Jun 14th. If a Wave (3) down is unfolding this next leg of decline should exceed the May-Jun decline in both size and speed. At a price of $86, the IYR $100P will be worth at least $14. IYR Intermediate Term Trend Model
