Yesterday's PA was particularly interesting. The TACO came as expected. Crude slid, yields came off their highs, gold and silver bounced, and equity futures traded green.
The higher oil -> higher yields -> stronger dollar / lower gold and silver / lower multiples for long-duration equities chain went into reverse, giving Trump exactly what he wanted.
That relief lasted only until the cash open. SOXX499.91 reversed sharply from my 533 level and led U.S. equities lower. The rest of the cross-asset chain held. Equities did not.

KOSPI failed its backtest of 7.1K and is now moving through the air pocket toward 5.8K, dragging risk lower during Asian hours today. SPX is holding the last line of defense for U.S. equities. NVDA193.37 is also sitting on key support, while NDX28039.21 remains in the danger zone. For U.S. equity bulls, NVDA, NDX, and SPX need to bounce over the next few sessions and pull away from these levels.

I expect the Korean market to rebound later this week. If Trump keeps TACOing, that could set up a rally into the midterms. If NVDA and SPX7413.18 lose their respective supports over the coming days and KOSPI fails to bounce from 5.8K, winter begins. A renewed Trump escalation would accelerate the same path.