Crypto Leads a Flat Market

Dow: -106.66…
Nasdaq: +24.42… S&P: -4.17…

The S&P decreased 0.1% today in a mixed, and tight-ranged, session that lacked conviction. The Dow (-0.3%) and Russell 2000 (-0.6%) joined the benchmark index in negative territory, while the Nasdaq increased 0.2%.

There weren’t that many new macro developments, which might have explained the 15-point range in the S&P 500 as investors preferred to wait for key inflation data later this week. Seven of the 11 S&P 500 sectors closed lower, although the energy sector (-1.5%) was the only sector that lost more than 1.0%.

Gold and silver continued to completely implode today but crypto was very strong. So are Bitcoin and Ethereum the new stores of value and confidence again? Who knows.

It was another one of those weird market days with different indexes doing different things and market breadth is still fairly tepid. Another case of being in the right group “that day”, otherwise you lost money.

WISH acted a little better and I think if it can get through 10.75-11.00 we could see life again. I believe earnings are coming soon though.

I took a little off MARA, COIN, and SOFI today. The charts look great but MARA and COIN may have gotten a little ahead of themselves and hit little resistance areas.

I’m seeing some great setups again but earnings are in the way on some of them so I will wait, but I will let you know tomorrow if we add anything new.

Have a great night.

Updated P&L here.




Previous Post
Small Caps Lead
Next Post
Market Recap

Recent Articles