This SOXS run has been pressing on me so hard I can’t breathe—its price is drifting lower with the bottoms stuck just below the moving averages, while both the 20-period and 50-period averages are capping it from overhead. On any rebound, it can’t even muster a decent amount of strength. Even funnier is what happened on the contracts side: the open interest got yanked down by a large chunk over the past few hours, the funding rate dropped to zero, and longs aren’t even willing to pay the premium anymore. Isn’t that attitude already obvious? Sure, the number of accounts is higher, but positions are shrinking. Big players put on a show pretending to have the crowd behind them, yet real money pulled out half a block ago. On this down-drift there’s no trace of buyers stepping in as a backstop—those little buy/sell volumes in the spot order book are only enough to keep appearances. Anyone still holding longs right now is basically using their face to catch the blade—just wait for a single bullish candle until the end of time.