"We Ran The Numbers": Goldman Trading Desk Warns "What Happens Next Isn't Encouraging"

At the start of the week, former Goldman flow guru (and current Citadel flow guru) gave some sense of hope to the bull, writing that his market capitulation checklist "has not yet fully healed; however, as futures rebound this morning, it is clear that the reflexive squeeze and short-covering bid remains elevated. Many of these technical, flow-of-funds dynamics continue to create air pockets in both directions."

Five days later, including one painfully aborted rebound in futures, and an even more painful 2% drop in the S&P - which is now down 5 weeks in a row, dragging the index below all key moving average and all key technical supports including CTA sell thresholds, and the capitulation checklist is almost complete.