S&P 500 futures have stalled out multiple times now above 2,950 and given the ultra-low put-call ratio and the ultra-high retail long position the conditions are ripe for a rug pull. For the next day or so, the bottom of the Wedge comes in around 2,895-2,900. A sustained break below that level would unlock downside potential to the 50% Fibo at 2,780. Given the rapidly rising tensions in Sino-American relations and valuations that are approaching absurdly high levels, we believe one more washout may be on the cards before another assault on 3,000 is launched.