You Sure About That, Chief?

In my usual Morning Prep Video for Members pre-market, we looked at the 30-minute chart of the QQQ, updated below intraday. 

Into the pre-market spike in the futures both the QQQ and SPY were up against recent resistance dating back to last week (which broke as support). 

And into the teeth of the opening squeeze higher, TLT was clearly diverging as rates on the 10-Year Note spike higher yet, just below 4% now. 

Simply put, the market seems to be want to make absolutely sure it cannot bounce first, it seems before heading lower yet. On the actual S&P 500, 3700-3720 is turning away buyers with some conviction now, multiple times over the last few sessions. 

The leaders off the open, ARKK (Ms. Wood was on CNBC this morning) TSLA CCL, are still green but well off the morning highs. At this point, if they go red I would not be surprised to see a quick move below 3600 on the S&P with, perhaps, some actual fear coming into the market. 

Overall, I still have quite a few bearish bets on with no plans to turn bullish into this sort of price action. Note how many bulls have been desperate to talk up a rally, thus far to no avail.