The banks have underperformed and stopped the indexes heading too much higher in my opinion. Perhaps the reason they are underperforming is the default risk being signalled by HYG & LQD downgrade risk.

As you mentioned QQQE I took a look at the equal weight on S&P 500 (RSP in green). Then compared it to SPY (orange) clearly we all know who is doing the heavy lifting.

Take a look at the MACD of RSP poised to cross over.

amen

SOXX, semis, also faired pretty well. Not sure why.

Yep. The recent weakness in LQD, JNK & HYG would typically be a red flag for the equity markets & could still be that although the Fed has completely wiped out the critical element of price discovery in the corporate bond market, which leaves everyone guessing as to where the investment & below-investment-grade (junk) bonds should really be trading. At the very least, a backfill on LQD was/is highly likely & is close enough at today’s lows to qualify although I think we’ll get a full gap backfill soon.

Sure. There haven’t been any significant changes in the technical posture of NVDA since the entry on that trade. It is close to the suggested stop but poised to close below it today. As that suggested stop ended up being set just a few cents above where the stock has rallied to & failed on several occasions recent (i.e.- it is now essentially a resistance level) coupled with the fact that any move up to or slightly above that level would simply extend the negative divergences that were already in place, I may slightly modify (raise) that stop tomorrow, if it looks to be in jeopardy of being clipped. As of now, the case for entering the trade can still be made & it remains an Active Trade for now.

Broke that huge trendline from the March lows on April 30th. Currently back testing and getting rejected. SOXX doing the same thing.