In Equities:

A Tech and Growth sell-off drags the S&P lower. As the third quarter grinds to a close, we are roughly 4% off the all time high reached in early September. So for all the clamor and discord of impending doom and the end of days, still not technically in a correction. 

What's happening? A host of anxieties building to moody sentiment and a rapid, incremental climb in treasury yields. To recap:

• A more hawkish tone from the Fed (which is still extremely dove-ish in historical terms)
• Contagion risk from Evergrande and the Chinese real estate sector it represents
• Debt ceiling angst
• Sensational chatter of oil and gas shortages, with pictures from the UK showing scenes from 28 Days Later at the petrol station
• All of that compounded by ongoing bottlenecks in the Global Supply Chain

Where did this lead 10 year yields?

• Current rate of 1.472 is above the 200 day moving average (1.40) and the 50 day moving average (1.32)
• But we are still below the ~panic button level of 1.70

And what does this mean in terms of sector rotation within equities?

• A bullish, cyclical trend in traditional energy (XLE, ERX)
• A further drubbing for Cathie's funds and growth-y future things (ARKK, XBI)

In Crypto:

Not to leave Crypto behind, Bitcoin is showing a promising technical pattern of consolidation around both the 200-day and 50-day moving average that telegraphs more upside...IF historical patterns hold. To boot, there is generally a flash of seasonal growth in the 4th quarter.

Charts:

S&P 500

https://www.tradingview.com/x/41RdtZZf/

US 10 Year Yield

https://www.tradingview.com/x/9ZRyXV8w/

XLE

https://www.tradingview.com/x/9FwDClmL/

ARKK

https://www.tradingview.com/x/7Trt0G1c/

BTCUSD
https://www.tradingview.com/x/JO74iVEj/