Curious. Why do you think there is a consistent and “perpetual bid” from the ETFs? As we speak, we are on day 7 of consecutive OUTFLOWS from the ETFs. 

IMO (as a former wall st guy), The ETFs are more than anything, a momentum trading vehicle. Up AND down. Hence, they are selling now as there is no upward momentum for the time being. 

In fact, if we do hit low 50’s again, the ETFs will likely be the weak marginal seller that creates that low! 

Just food for thought 😉

PS
Once this overhang clears and we make new ATHs, the ETFs will almost surely pile back in and drive the next part of this cycle higher than even you and I imagine. 

That’s the ride we are in for now with the wall st traders in the flow. 🤪