Traders looking for this news to hit are now in a position to lock in some gains.
As some charts have deteriorated, so has cumulative market breadth.
Nvidia's overnight move has put it back into my top-five holdings by weighting.
If leading stocks acted like real leaders, then this would be a wildly bullish market, but that isn't happening, and it doesn't look like it is about to change.
The prospect that this miserable debt-ceiling debate could drag out for weeks is causing additional selling pressure.
Whereas the stock markets in Japan, South Korea and Taiwan have performed extremely well in 2023, Chinese markets are suffering from geopolitics and a whole host of uncertainties.
New Covid infections appear to be surging in China due to the rise of the XBB sub-lineage of the Omicron variant.
If only this were a drinking game and 'productive' was the keyword.
There appears to be little worry that a deal won't be made, but traders can't do much until the headlines hit.
Debt, markets, inflation and growth are what to watch.