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![Reformed_Trader Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::958087450274000896.png) Reformed Tr🅰️der [@Reformed_Trader](/creator/twitter/Reformed_Trader) on x 99.1K followers
Created: 2025-07-18 14:51:18 UTC

It might be worth noting how many traders have been trying to call the top this month. From my vantage point, it's still a lot. We might not be done quite yet. Here are a few simple facts.

SPY and QQQ just broke out of X days of consolidation yesterday, on a closing basis (risk is closing back in it).

VIX is back to XX after a quick spike towards XX earlier this week making another lower high suggesting volatility is well supplied as we continue to trend down.

Bitcoin at/near all time highs while alt coins and high beta names are rocking suggests liquidity is ample.

NYSE composite along with equal weighted indices (RSP, QQQE) undercut and bounced back above their respective 20SMAs just two days ago indicating breadth remains stable.

For a major top, we would need to see signs of liquidity being pulled from markets normally seen first in bitcoin and high beta stocks. We would also need to see equal weighted indices breaking down under their 20SMAs like they did in mid December 2024 and VIX trending up

*NFA

![](https://pbs.twimg.com/media/GwJbfE9XIAAZ02j.png)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946221243776323752/c:line.svg)

**Related Topics**
[vix](/topic/vix)
[qqq](/topic/qqq)
[spy](/topic/spy)

[Post Link](https://x.com/Reformed_Trader/status/1946221243776323752)