More Horrors in the Crawl Space

I recently watched the well-crafted Peacock miniseries, "Devil in Disguise: John Wayne Gacy" (which blows the Ed Gein one out of the water, by the way, in terms of overall quality). Gacy, as you may know, hid the remains of most of his victims in the crawl space underneath his Norwood Park Township, Illinois, home. 

You may forgive me for the morbid connection, but I could not help but think about the current market seeking to cover up the vast swaths of weakness in its own proverbial crawl space with the major indices serving as the upstairs house.

Specifically, the consumer/retail weakness, perpetuated by Home Depot selling off sharply after earnings this morning. 

We profiled Visa's weakness with Members yesterday, and on my main X feed. But today we have Costco following suit for a breakdown, seen on the daily chart, first below. 

Again, we are not just cherry-picking weak restaurants and fast-casual like CAVA. We are talking about Costco here, arguably the premier retail firm in modern American history in terms of execution over a sustained period of time. But COST has struggled below its 200-day moving average for months now, with the stock threatening a fresh breakdown below $900 today from the highlighted descending triangle (typically a bearish pattern in the context of an ongoing downtrend). 

As for those indices masking the horror, the second hourly chart of our ongoing QQQ analysis shows the $600 level as a major battleground headed into NVDA earnings tomorrow evening. There is no tap-dancing around the $4.6 trillion market cap (or so) for NVDA serving as the ultimate heavyweight fight between bulls and bears for control of this market.