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Today's mild pullback in SPX and QQQ is nearly entirely large-cap Technology driven, as weakness out of SMCI0.31% , MU-0.16% , AMAT-2.83% , AVGO-2.15%  of 3%+ has caused XLK to lose 1% while most other sectors are positive. On an Equal-weighted basis, Technology is the only down sector and Advance/Decline is nearly 2/1 positive, with gains of more than +0.50% out of Real Estate, Utilities and Staples. Both US Dollar and Yields are up fractionally, but otherwise, a rather slow start to the final week of August. Note, NASDAQ has not pulled back under the lows from late last week. As seen in this hourly chart of NASDAQ futures, under 19542 would result in a move to 19365 most likely which would prove to be strong support and a good risk/reward ahead of NVDA-3.09%  earnings on Wednesday. Overall, most of the market working fine today despite some minor Tech weakness and both Equal-weighted S&P 500 (RSP-1.45% ) along with Russell 2k (IWM-2.16% ) etfs are both positive this morning.

Today's rip inAMD-4.92% NVDA-3.09% ,AMAT-2.83%  has helped to fuel Technology yet again, while we've finally also seen Financials push back to new monthly highs which is an intermed. term positive. Other groups like Healthcare have proven disappointing in following the lead of either Tech nor Financials and has stalled out- Europe's PMI beat this morning seems to have been a bigger positive for Euro than our own US beat on PMI was for the US Dollar- Yields are mixed, while the US Dollar is showing small losses- EURO STOXX 50 meanwhile is climbing to highest levels since 2007 as ASML helps their own Technology. Commodities are largely higher today, with precious and Base metal strength and broad gains in Softs along with Energy