My theme for the past couple of days has been derisking, because the tape could be approaching a make-or-break point.

The SPY lost the 8 day and is now on the verge of losing the 21 day at $593.28.

So while some names are outperforming (like CRWV, CRCL) I'm being very careful for the near term.

I have been cutting my long exposure, and I also positioned in SPY $590 puts for next Friday as a hedge.

I'm not saying we are headed for disaster but the odds do not favor pressing longs at the moment.

Yes, Iran signaled it may be coming to the table on uranium enrichment, but who know what we'll walk into on Monday?

Just now, we're seeing headlines that the Trump administration might be cracking down on US technology being used in semiconductor plants in China.

Still, I'll be on the hunt for unique names that can outperform in this tricky time period.

For now, keep your eyes on those 21 day exponential moving averages:

SPY: $593.25
QQQ: $523.42
IWM: $208.59

If we can't hold these levels, there could be trouble ahead.

Again, I'm not trying to be alarmist because it never pays to be emotional.

I just want us to be ready to shift gears.

Now let’s talk about our remaining Power Play:

Nvidia (NVDA) looks okay for now as it remains in its range and isn't breaking down. We're down to 1/3 which I'm fine with for now.

Enjoy your weekend!

-Scott