According to Yahoo Finance charts, SQQQ’s 50-day moving average has risen 12% month-over-month, a sign institutions are layering in defensive positions. This aligns with growing market chatter about potential Q3 tech-sector earnings disappointments. Reflecting high market uncertainty, options volatility for Nvidia surged to its highest level since mid-March. Meanwhile, demand for puts on Broadcom reached a three-month peak, underscoring investor caution amid the tech selloff. The U.S. dollar jumped 1% to hit the highest level in more than two years while other currencies lost. The Canadian dollar sank to its weakest since 2003 and the euro slumped, heading closer to parity with the greenback. The Mexican peso also plunged in today's trading session. Invesco DB US Dollar Index Bullish Fund UUP is the prime beneficiary of the rising dollar as it offers exposure against a basket of six world currencies. It has a Zacks ETF Rank #3 (Hold). Trump’s move to unleash tariffs on top trading partners may push the economy into stagflation, thereby pushing yields higher. Notably, the Treasury yield curve flattened the most in 11 weeks, with 2-year yields rising to 4.25% and 10-year yields falling to 4.53%. The gap between the two shrank the most since Nov. 14 on an intraday basis. The drop in 10-year yields signals investor concern over U.S. growth prospects and will likely provide a boost to ETFs like iShares 20+ Year Treasury Bond ETF TLT. It provides exposure to long-term Treasury bonds by tracking the ICE U.S. Treasury 20+ Years Bond Index. Currently, it has a Zacks ETF Rank #4 (Sell). Meanwhile, crude oil futures also jumped around 2%. United States Oil Fund USO seeks an average daily percentage change in USO’s net asset value for any period of 30 successive valuation days within plus/minus 10% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period (read: Oil ETF Hits New 52-Week High). SQQQ’s moving averages compiled from Yahoo Finance are converging, a technical precursor to volatility expansion. Traders are alert to economic data releases as potential catalysts.