If trading today you are trading the bond market. This feels a little more like selling today than fast liquidation. It is methodical but the selloff in the NQ/NDX started in earnest when yields peaked again, thus dragging down everything. The weekly SPX pivot is 3850 and I am looking for support there, but the long end Treasuries are behaving in a way that has many nervous. Watch 3850 on a closing basis. It should hold but if it does not, we risk another trip to 3800 as we have not touched the SPX 50 day average yet. Everyone but intraday traders are using caution here.
