Major indices are in a holding pattern while treasury yields are mostly higher as the Middle East conflict prompts caution in the market.

The best performer so far is the Nasdaq Composite, which rallied intraday after coming off the lows of the morning.

After briefly touching the Extreme Greed level, the Fear & Greed Inde has come back down to Greed level.

Meanwhile, the Citi US Surprise index moved to positive territory after a series of economic data misses. This brings us back to the debate over whether to root for good or bad news.

Only three of eleven sectors are in the green with Technology (XLK) taking a clear lead, up 1.18%. While Real Estate (XLRE) and Consumer Staples (XLP) are the largest laggards today.

The Technology sector is making a nice reversal today. The VanEck Semiconductor ETF (SMH) which, like the Nasdaq Composite, was briefly negative in the morning before rallying higher, and is currently up 1.94%. The upside test comes at $245.41.