It's All Lined Up

We have a choppy Friday morning session playing out as we speak, with the Nasdaq giving a wobbly effort so far to stabilize amid a bounce in Treasuries (meaning rates are taking breather from spiking). 

Interestingly, as we noted with Members earlier, some pretty important near-term price levels as being probed across a variety of markets. TLT versus $141, just above spot price, the S&P 500 Index versus 3,800, just below spot price as I write this. 

And the now rate-sensitive tech stocks in QQQ versus $313, which it held after undercutting it not long ago this morning. 

On the QQQ hourly chart, below, $313 and the other levels listed above should at least give us context if the remainder of today's session is also whippy and prone to chopping up traders on both sides. 

We also should keep an eye on crypto, like GBTC and RIOT, to see if they can hold the line. Should they slide into the afternoon I do indeed expect ripple effects over to TSLA and possibly ARKK, among other names like SQ. Whether or not a sloppy Friday in this context yields a crash Monday call over the weekend remains to be seen. And, frankly, should not yet be a factor until we at least see the afternoon action. 

For now, I remain nearly full in cash and want to avoid forcing trades just for the sake of action.