Local Bottom In… But Downtrend Still Intact (SPY / QQQ Analysis)NVIDIA CorporationNASDAQ:NVDARonnieV29We may have just put in a local bottom in the market… but I don’t believe the overall downtrend is finished. After the recent selloff, we’re starting to see signs of a short-term bounce: intraday exhaustion increased volume into the lows short-term oversold conditions However, when zooming out to higher timeframes, the structure still suggests lower highs and continued downside risk. 🔍 What I’m Watching 1. Volume Capitulation We still haven’t seen a true capitulation spike relative to prior major bottoms. Until that happens, I view this as a relief bounce, not a confirmed macro bottom. 2. Market Structure Lower highs forming Weak reclaim attempts Resistance still overhead This is typical behavior in a developing downtrend. 3. Key Levels Support: Prior lows / recent sweep zones Resistance: Recent breakdown levels Expectation: Bounce → rejection → potential continuation lower 📉 My Current Stance Short-term: Cautiously bullish (bounce potential) Mid-term: Bearish (structure still weak) Strategy: Staying patient, selective, and not overexposed I’m treating this move as a tradeable bounce, not a signal to go all-in. ⚠️ What Would Change My Bias? Strong reclaim of key resistance levels Sustained buying volume (not just short covering) Higher highs + higher lows forming on higher timeframes Until then, the trend remains down overall. 🧠 Final Thoughts Markets don’t usually bottom cleanly. They: 👉 bounce 👉 trap participants 👉 and then make another move Stay patient. Let the market confirm. Not financial advice. Do you think this was THE bottom or just a bounce? 👉 This drives comments → boosts visibility