We're coming in lower, and it's broader than it's been all week. Earlier this week the selling was just the AI names. The chips got hit, but money rotated into everything else and the market held up fine. Overnight, that changed. This morning it's most of the board. The average stock is lower, and about the only green left is energy, with oil up on the Iran headlines, plus a few defensive names. The bigger trend still hasn't broken, though. The longer-term picture on the S&P and small caps is pointed up, and the Nasdaq's roughly flat. What rolled over is the short-term momentum, and it rolled hard. So this is a real pullback inside an uptrend that's still standing. Not a breakdown, at least not yet. Small caps are holding up best this morning, so this isn't a full run for the exits. It's the crowded winners, the AI trade, getting sold the hardest. Today is the test. For two weeks, every dip got bought. Either that happens again once we open, or it doesn't and the selling starts eating into the trend. Watch how the broad market trades in the first hour. That's your tell. TZA is starting to break out. That's a cheap way to hedge your existing positions.