[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Tech stocks (especially a certain $3.1 trillion chip company) have been leading the market to all-time high after all-time high for weeks now. But, as I sit here at the cash close today, I’m watching S&P 500 futures get absolutely rocked with volatility… and <boom> all the action stops and the S&P 500 is massively unchanged. So I’ve got to say tech is probably played out right now. That volatility I was watching a minute ago was NVDA. But the bid under it just isn’t enough to move the markets like it did just a few weeks ago. I’ve got a chart that shows perfectly what’s going on and what the next move is…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The tape tells the tale, just like it always does: The tech sector is clearly in consolidation mode right now. Don’t get me wrong – I still like the price action I’m seeing there in the sector as tracked by, for instance, XLK, the Technology Select Sector SPDR ETF. But this means the market is now (or shortly will be) looking for a new leader. My research has isolated a really promising candidate for that new leadership role: biotech. There’s no shortage of fantastic setups in this sector, and I’ve already starting picking a few standouts. Let’s take a look…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The S&P 500 had trouble lifting off today, courtesy of a thousand-pound weight: NVDA. Today’s price action shows once again that this is the stock. Nine other sectors actually finished higher for the session. The rally that counts today is the energy sector – largely the result of the fundamentals of oil and even energy. The oil futures market is in backwardation right now, which is to say futures are trading at a discount to the spot price. This tells us, not in so many words, that the risk of an oil shortage – not unheard of in summer – is still being priced in. Utilities, financials, and consumer staples are positive for the day, too, though hard to grab onto.Treasury yields are consolidating and PCE inflation data hits on Friday. Any bullish perch is rather precarious right now. Now

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] There’s a lot talk about tonight. There are around $5.5 trillion worth of derivatives expiring as I write this – massive positions are coming off the books. That’s bigger than Japan, bigger than France – bigger than all but two world economies. That’s big. The SPX hit its $65 expected move, no sweat, this week. We’re seeing heavy capital rotations, too. Nvidia and Meta crapped out, Amazon, Google, and Microsoft are filling that hole. All of this is shaking things up. This is changing the story. We’re going to talk about that story right now. We’ll cover triple witching, we’ll check out these rotations, and the opportunities unfolding in GLD and TLT. So let’s start talking…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The Magnificent Seven oftentime market leaders were, collectively, down more than 1% by midday. The broader NASDAQ-100, around 55% of which is tech, was off around 0.06% over the same timeframe. That doesn’t sound like much, because it really isn’t, but the selling is important because it’s a sign of the times: The appetite for risk is drying up, and capital is increasingly making a classic “flight to safety.” You can really see this happening in the S&P 500 and NASDAQ futures, ES and NQ, respectively. I’m going to pull up my charts for both of those contracts to give us a sense of this from a technical perspective – very important. We’ll also look at how this is playing out in specific sectors we’ve been looking at lately, like utilities and healthcare, to name just two. Let’s get started…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Tech stocks continue to lead the market higher – a bullish sign given the sector’s tendency to lead. But there’s a setup I’ve been talking about lately; it’s beginning to taking shape and could be even more bullish for the foreseeable future. There’s a global flight to safety underway right now. The world’s investors are taking refuge in dollar-denominated assets, seeking the integrity and stability of American markets. That’s all but certain to push us higher… until it doesn’t. Here’s what to do about it…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Another day, another all-time high… Traders seem to have largely shrugged off the FOMC statements of last week – might as well have been 100 years ago. That press conference didn’t exactly deliver the goods for the bulls. Then again, this week features a number of speeches from Federal Reserve members; maybe the bulls are holding out hope there. Equities and oil both surged today… but bonds, the VIX, and gold forgot to participate. Cyclicals and tech led stocks higher and, in theory, the bulls should be dancing in the streets, but the undercurrent of rising volatility and higher yields doesn’t exactly scream “conviction!” We’re going to look at what this all means in tonight’s video – plus a look at HOOD, AAPL, NVDA (of course), PZZA, a a lot more…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Just a few minutes before the close this afternoon, the SPX was grinding right up against its expected move – a level we called days ago. So, no surprise there. The upside “grind” isn’t really the big story here. The thing that’s got my attention is divergence. It just keeps on widening. Tech is leaving the broader market behind – post-NVDA split, too. And as I’ve said before, divergence usually ends in volatility. You better believe we’re talking about that tonight – we’re going to look at SKEW, the VVIX, the greenback and, just because we don’t have enough on our plates with all this @#$%, the looming return of the Triple Witch. Let’s go…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The big indexes are just slightly off their recent all-time highs, but of course, not all stocks are doing equally well. My attention is on the energy sector right now, as tracked by the Energy Select Sector SPDR ETF, XLE. It’s down close to 1.5% over the five days, and the zoomed-in chart I’ll share with you in a moment, you’ll see we actually broke through a multi-month low. It hardly crashed through, and it soon recovered, but it did break support. We’ll look at the likelihood of a bearish trend taking hold here. Crude oil itself is experiencing lower highs and lower lows. It also broke through support but when it bounced back, it failed to punch through resistance. As you might know, utilities stocks tend to work in inverse correlation to energy. As energy costs drop, their profit

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Now this was a trading session! Today had it all – the Fed, economic data, volume… I’ve been at this for more than 25 years, and I have never seen the kind of trading in individual products that we’ve seen today. Let that sink in for a second. The markets exploded on cooler inflation numbers – just a hint of selling activity but it didn’t last at all. We rode the upper edge of the SPX’s expected move for most of the last hour of trading. Shorts are squeezed outside of that. But… like I hinted a second ago, today’s order flow was highly significant. It’s dried up from all but the Big Tech stocks. I’ll tell you why that’s important and what I think is the best way to move forward…