The Futures displayed a similar pattern.
We can see below that the NQ8 Money Flow is much stronger than the ARKK Money Flow. This tells us that money is still looking after the most liquid stocks and not the hottest "momentum" stocks, such as ZM, TDOC, PTON, etc.
The now Fed confirmed inflation fear has been driving the 10Y rates up, but the 10Y Treasuries are being bought now.
The recent bounce in commodities such as copper/oil continues to fuel inflation fears.
Reverse repo operations are still rather high and I suspect that the Fed will raise them today in order to keep the 10Y rates under control.
This will help the equities bounce today. We can also see that the IWM/SPY ratio and the NHNL are at a technical state where bounces occur.
A Covid surge in Europe has been driving the US/German rate differential higher, which is pushing the US$ higher against the Euro. This continues to drive energy prices higher for European consumers.
Conclusions:
Buy weakness.
Yesterday I sold NVCR puts and will do something similar for EXEL today.
