Everyone is watching the software wreck. The line that matters is breaking in bonds.

The ten lines

1. 1

   LEVEL IEF breaks the line — the veto is firing

   IEF trades at 92.94, down 0.40%, sitting exactly on its session low and decisively below Wednesday's 93.31 close — which sat ON the ascending trendline from the late-2023 low. TLT confirms at -0.54%. Named four sessions running as the one line that invalidates rather than adjusts; only the close makes it official, but at midday the two-year uptrend in the belly is broken. Everything bullish on this board is on notice.

2. 2

   LEVEL The co-accused are being released; the defendants are not

   Since the first hour: ServiceNow has more than halved its loss to -1.2%, MongoDB is nearly flat at -0.3%, Salesforce and Atlassian improved to about -3.5%, Snowflake extended its green flip to +1.2% — while Datadog got WORSE (-16.2%) and HubSpot deepened to -20.6%. The whole ETF cluster holds the class loss at moderate levels — IGV -2.2%, cloud -1.8%, cyber -1.5% — while the single-name losses run ten times deeper. The software event is narrowing to the names with actual filings. That is names being repriced, not a class.

3. 3

   DOWN Datadog — the bounce got re-sold

   Cash buyers showed up at the 225.26 low and took it back to 241; the bounce has since been sold to around 237, -16.2% on the day. A beat-and-raise quarter (revenue +36%, FY outlook raised) is losing a sixth of the company's value: there is no whisper number high enough at a perfection multiple, and the reported OpenAI in-house observability build gave the premium its reason. First-installment question still open into the close.