1. The major indexes sold off last week and are on the weaker side again this morning. The stronger US Dollar Index and higher bond yields are keeping pressure on equities.

2. Today the 10-year note yield is trading around 4.51%. While this affects rates it is still not as important as the 2-year note yield which is trading around 5.12%. If the 2-year yield starts to move into the 5.25 to 5.50% area then that would be problematic for the Fed and would likely secure another rate hike on the horizon. Believe it or not, stocks can trade higher with higher rates, but they will struggle if the inverted yield curve between 2's and 10's gets wider. Should the spread narrow it could be a positive for stocks.

3. Oil is pulling back a little today. Oil is very extended and overbought on the daily and weekly chart. Traders should still keep a cautious stance since we have lots of geopolitical events that can take place right now.

4.Gold is pulling back a little today . The precious metal has been in a long trading range since June. I'll stay neutral right now until we see more of a pattern develop. In defense for gold, it has held up very well despite the price action and strength in the US Dollar.

5. Bitcoin is weak today trading down by 1.27%. I'm expecting bitcoin to decline as the weekly chart pattern is signaling downside.