Disappointing earnings and guidance from the tech giants dash the bullish momentum that was building in the Invesco QQQ Trust.
A top in the dollar is not only possible, but probable -- and a weaker dollar would unhitch the plow on nearly all assets.
The ETF trades like it wants to lead equities lower, so it will remain on the "do not touch" list along with Chinese stocks.
All this Fed speculation is not a pivot. It's simply practical.
Indexes respond positively to Fed pause news.
It certainly is worth tracking to see if that's the case.
The complexion of this entire earnings season will likely be cemented one way or the other this week.
Pay attention to index support levels.
It is surprising that higher bond yields are not already causing more rotation out of equities and into bonds.
Buying weakness may now be appropriate.