The market is very clear today.

Capital is pulling out of high-valuation tech and flowing back into value defenses.
Financials are leading; healthcare is holding up against the decline.
Tech and semiconductors are being sold off directly.
This is not a broad sell-off—this is a style rotation.
As interest rates move higher, long-duration assets get hit first.
So the most important thing today isn’t how much NVDA dropped.
It’s that Q has already hit a key support level.
If it can’t hold, this round of high-valuation AI-linked chain selling may not be finished yet.
But interestingly, the VIX didn’t spike in sync.
That suggests the market is not panicking.
Instead, it’s deleveraging in an orderly manner.
In this environment, the most dangerous thing is chasing high-end tech.
The most valuable focus is whether financials and healthcare can keep drawing in capital.
Whether semiconductors can repair from an oversold condition, and whether US Treasury yields can keep pushing higher.
Over the next few days, Q’s position here
may determine the short-term direction of the entire tech sector.