1. Tesla's stock has dropped over 40% from its peak, indicating caution and a potential opportunity to overweight Nasdaq 100 later. 2. The author recommends JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) due to its covered-call strategy, which outperforms QQQ with higher income returns amidst elevated volatility. 3. JEPQ benefits from selling options in a high-volatility environment, offering a rising dividend yield near 10%, making it a favorable entry point.

1. The S&P 500 is technically overextended and fundamentally overvalued, with low implied correlation and rising volatility. 2. Realized volatility levels are at historic lows, potentially leading to increased implied volatility risks. 3. The index faces rare conditions that historically signal caution, with valuations and technicals at extreme levels.