The Rally Is Running Out of Steam

New highs keep printing, but the story's changing underneath.

Each bounce pushes prices up—yet the follow-through gets weaker every time. Rallies die faster. Breakouts lose their bite. The momentum that once felt unstoppable? It's decelerating now, not accelerating.

That's the tell.

When upside room narrows while downside risk stays fat, you're watching energy drain from the market. Price action alone hides it, but the mechanics don't lie. Less lift per push. More effort for smaller gains. The ratio's flipping.

This is what distribution looks like before direction changes.