Highlights
- Market conditions now mirror Q1’25, with weakening structure and oversold breadth offering rallies that should be sold, not trusted.
- Risk Gauge and multi‑timeframe trend structure are slightly worse today than in Q1’25, increasing vulnerability to further decline.
- Tactical longs remain possible but must be small, short‑leashed, and never upgraded to long‑term holds during countertrend strength.
- Now, as then, our focus is on selling strength, including additional short exposure, with downside targets in the 6150 area on. . .
