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What is most easily overlooked on Friday is not Amazon's big surge, but that $QQQ intraday surged to 695.65, yet finally closed only at 687.99. A single heavyweight dragged the index up, but the long-term yields did not cooperate: the 10-year US Treasury yield rose to 4.745%, while the price remained below the 20-day moving average of 701.02. This money followed earnings reports, not valuation recovery. Before Monday's market open, first look at Friday's high and low range. Regain the intraday high before discussing testing the moving average; if it falls below Friday's low, any rebound will be exposed. VIX remains in the normal range, not a panic market, but low volatility does not mean interest rate pressure has disappeared. Watch first, don't chase the first move. Data as of US market close on July 31, not investment advice. #USPreMarket #Nasdaq100 #USTreasuryYields #RiskManagement