A higher SOFR rate is pressuring equity markets.

• New highs on the SOFR yield is what pressured markets last week.

• Nasdaq was way too overbought. Over 90% of stocks in the index were above their 50d moving average.

• Bitcoin ETF is about to get approved. We have come a loooooong way.

• Fed official says they should slow Treasury runoff as overnight reverse repo balances approach “a low level.”

• Watch SOFR yield…