QQQ currently up +0.40%, and has not yet moved to new highs like what's happening with Equal-weighted RSP -0.01% . DJIA is lower today while IWM also down -0.41%, so while SPX is set to make new all-time highs on a daily close today potentially, other parts of the market aren't doing as well today. Thus, important to keep abreast of what's moving and what's not, as Materials, Discretionary and Healthcare are all down more than -0.60% and 10 of 11 sectors are lower. However, no evidence of deterioration thus far out of SPX, nor QQQ, both which are making mild progress this week.

NVDA -3.17%  pulled back yesterday under 137 and is having a dampening effect on QQQ -1.26%  which has diverged a bit from all-time highs. Yesterday's break likely does lead NVDA down to 132 or even a bit lower to 128 before this stabilizes. NVDA is the largest stock within SPX by market cap and while Technology has rebounded this past week, Equal-weighted Tech has done far better than Large-cap Tech and "Magnificent 7" by nearly 300 bps this past week in performance. The key takeaway here is that Cyclicals are outperforming while big-Cap Tech has lagged lately

Lots of early week volatility as TNX is lower by 10 bps, taking out last few days lows and DXY also has undercut last Friday's lows. Gold and Silver are both down 3% today and Crude oil is also lower by -2.4%. Equities are having a good day thus far, with RSP higher by +1.25% and good movement from Small and mid-caps. Yet, Large cap Tech is underperforming with NVDA falling further and XLK is barely positive at just +0.28%. 10 of 11 sectors are up with Energy lower, and Consumer Discretionary surging as RSPD has moved to new highs. Market breadth is good today at around 4/1 bullish. The question remains whether the lackluster movement and recent deterioration in NVDA, GOOGL, MSFT, and AAPL not at new highs will result in SPX stalling and reversing course, as for now there is marked divergence between SPX, QQQ compared to RSP in recent days. The chart below is of ^TNX -1.30%  which shows a very big breakdown in yields. I like TLT at current levels technically for a big bounce over the next few weeks.