$iShares Nasdaq 100 ETF(IQQ.US), $Magnificent Seven ETF - Roundhill(MAGS.US), and $VanEck Semiconductor ETF(SMH.US) are all flat today, with the US stock index showing no major movement; what's actually moving is the interest rate side—the $Direxion 20+Yr Trsry Bull 3X(TMF.US) dropped by two points, pushing long-end rates up significantly in a single day.

With stocks stagnant and bonds falling, this combination is worth watching closely: amid simultaneous strength in oil prices and the US dollar, long-duration assets are being sold off first, while the equity side hasn't reacted yet.

On the short bond side, $iShares 0-3 Month Treasury Bond ETF(SGOV.US) remains steady, collecting yield, with defensive cash flows unaffected. If interest rates continue to push higher, the Nasdaq's consolidation won't hold for long; keep an eye on whether the 10-year yield can recover.