It is supposed to move lower, but...

Don't forget NASDAQ and rates. Rates are at recent highs, but NASDAQ seems to be ignoring rates at the moment. Last time rates were here, NASDAQ was close to recent lows. The short term gap from yesterday continues to get wider. Is tech decoupling from rates? We are getting the feeling when something is supposed to move lower, but it refuses...

Will they be forced to chase?

Systematics exposure is at very low levels. Latest projected flow via GS:

one week: flat tape, buy +$13billion, up tape, buy +$45 billion, down tape, sell-$6 billion

one month: flat tape, buy +$39 billion, up tape, buy $192 billion, down tape, buy $6.3billion

Are we about to witness CTA's right tail nightmare?