Well, the knee-jerk reaction was predictable enough. After yesterday’s briefly exciting sell-off, the Powell put was firmly in place and bounced mightily on the ES……….
……..and the NQ………….
The bigger picture, though, is more revealing. The NQ in particularly is still sporting a very clean reversal pattern, with that horizontal line being the key.
Gold, of course, can’t even get out of its own way, and thus has surrendered the nice gains it saw a few days ago.
The main point of interest continues to be the crypto space. A lot of public figures (Michael Saylor, Elon Musk, Cathie from ARKK) have tethered their fates to Bitcoin, so a plunge like we saw is embarrassing for them. They have all “doubled down” their bets – – and they are absolutely bets – that it was just another dip on its journey to $1 million per coin. I’m not so sure.
Indeed, MicroStrategy has received more press in the past two weeks than the past decade, due to Saylor’s obsession with Bitcoin. I’d like to gently reminder everyone Saylor and MicroStrategy were the same dynamic duo that brought you this in during the Internet bubble:
