Capitulation Begins?

The major indexes rebounded from intraday lows and the Dow even went green. Meanwhile, the usual suspects imploded again. Of these, only SNAP went lower (being the cause of it all with weaker guidance), setting up a potential falied h-pattern on many of these charts.

Here are ARKK and ROKU, the former is much earlier into an h- so not sending a breakdown signal, whereas ROKU could break lower tomorrow if markets slide. Or that's a dobule bottom.

And BTC still sitting right on the line.

Rally Snapped

SNAP lowered their guidance after hours. It comes a month after they reported earnings. This sent the whole sector down, including Facebook, Twitter and Pinterest among others. The larger takeaway is that business has deteriorated enough in one month that guidance is already coming down. At every turn, there's yet another shoe dropping on the bulls. If this sell-off escalates into tomorrow, a challenge of the lows could be imminent. If not, then this rally is made of sterner stuff and still has room to run before the bearish trend overwhelms it again.