Probably the Most Bearish Chart of the Weekend

We will meet again

The Nasdaq 100 is now down 7% this July, putting it on pace for its worst July in 22 years. Brutal action for AI stocks while oil prices and rates rise at the same time because of Iran. Sentiment & positioning indicators would indicate that a bounce is near. But why could we not trade down to the 200-day moving average? Here are the latest positioning charts from sell-side as we are heading into the well-deserved weekend.