Exhaustion

Between CAVA's earnings pop-and-drop, PLTR fading, small caps losing steam, and crypto plays with an outside reversal (see BLOK ETF, below on the daily chart, for crypto stocks, undercutting yesterday's lows after making new highs earlier today), I am prepared to say today's action looks like speculative exhaustion in the hot money parts of the market surging of late. 

In addition, the post-CPI initial bounce in TLT was especially soft, as rates are now higher on the day and TLT slumps with a sizable downside reversal today. 

You will note how many were cheering for the TLT rally this morning which, as we noted yesterday, suggests the pain trade remains TLT down and rates up, considering the sound afternoon fade to solid red. 

Without question, equity bears need that elusive downside follow-through for the hot money names highlighted above. But semiconductors, even including big NVDA in the SMH SOX weightings, are on the cusp of breakdowns, especially the SOX at the 200-day moving average and having put in highs four months ago.