It always pays to consider possible longer term outcomes even if you dont trade off them simply because it forces you to have a better understanding of the macro picture. I have been operating under the presumption that if we hit a long term top we are in a rolling top. That means the NDX already made its top and any  new legs up will be led by the SPX/IWM (ex Martin Pring’s work suggests a long time reversal of the NDX/Oil relationship which is similar to the 2000 top and led to an almost decade long period of weakness in tech).. One possible option that becomes higher odds after yesterday is that SPX is in the process of now forming a head and shoulders top (which could always form then fail). In that scenario we would see the right shoulder form here and then come back to the grey neckline over the next few months.

Again, not a prognostication, just one possible option to consider going forward.