Semis topped out last summer, which is a common phenomenon where the most loved sector or stocks peak months before a bear market begins.

Under the surface, the bubble has started to burst-just look at Tesla, down over 40%, or MSTR338.8, which has never recovered from its big drop.

This is similar to the second half of 2021 when speculative stocks got crushed while the SPX kept grinding higher.

This time, it's more serious, as gold is also flashing warning signs.

NDX broke out to the upside as we expected.