The stock market is starting to drop, which is bad for investors in the short term, but it could set up a buying opportunity once the SpaceX IPO frenzy clears.

• The chip rally is running out of steam — Nvidia, AMD, and Intel are all stalling, and nothing else is rising to hold up the market.
• Big banks JP Morgan, Wells Fargo, and Bank of America all just turned bearish and told people to sell.
• The SpaceX IPO is expected Friday at $135 a share, with a low share count to spark a day-one pop.
• Many investors are holding cash waiting for a SpaceX allocation they likely won't get, which is draining money that would otherwise buy the dip.
• There's a smaller risk the SpaceX IPO marks the market top and stocks bleed lower week after week.

Outlook: Once people realize their SpaceX allocations are tiny, that idle cash likely flows back into stocks and pushes the market to new highs — though a top is still possible.