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Momo Massacred, Tech Wrecked, & Bond Yields Battered

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Today was yesterday's alternative ending...

Only NASDAQ remains marginally green on the year...

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Today's fun and games started with comments from Wilbur Ross on "emergency" curbs on Chinese investment but then a series of headlines on megatech - NVDA self-driving car suspension, TSLA NTSB probe, FB hearings and more headlines, and GOOGL and TWTR being dragged into the furore. All in all - a bloodbath!

What goes up (on low volume) collapses on heavy volume... (Nasdaq - green, was worst; The Dow - blue, managed to hold some gains)...

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Cash markets saw Nasdaq and Small Caps erase all of yesterday's gains...

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Equity market momentum was massacred today...

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The S&P 500 failed to get back to its 100DMA (blue) and tumbled back towards its 200DMA (red)...

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The Dow is back below its Fib 38.2 Retrace level...

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VIX spiked back above 23...

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FANGMAN Stocks were a total bloodbath...

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US bank stocks collapsed back to reality today...

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Fading yesterday's outperformance of European banks...

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Credit stress continues to build...

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HY and IG smashed wider...

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Bonds led stocks...

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Bond yields tumbled today...

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Real and BEs collapsed...

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10Y Yields broke their 24 day streak of closing with a 2.8x% handle... to the downside, closing at 2.78% - lowest close since Feb 5th...

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And the yield curve collapsed to fresh 11 year lows...

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As bonds catch down to Copper/Gold's disinflationary reality...

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The Dollar Index rebounded grandly overnight but stalled once the US session started...

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Cryptos had another tough day...

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It seems that Bitcoin is leading tech lower once again...

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Commodities were all lower today on the stronger dollar, led by crude...

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The energy complex was all hit hard today...

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What next?

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