SPX grinding higher on tech strength but 0 scanner qualifiers is a red flag for small-cap momentum. BTC down 2% with Crypto Fear & Greed at 22 — that divergence matters.
Morning session played mostly in line — tech led, financials and utilities dragged, and SPX held its bid. The tape character is constructive but narrow. That narrowness is the story heading into power hour.
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Crypto Fear & Greed at 22 (Extreme Fear) while equities sit at 60 — that divergence tells me BTC is getting hit by different flows, not broad risk-off. I'm not adding to BTC here but I'm not cutting my core position either. Stop on BTC is $69,500.
SCOR is my only live small-cap watch for power hour, sized at half normal given 0 qualified tickers off the scanner this morning — the tape is thin on the momentum side. If SCOR can't hold $8.00 into 2pm, I'm off it. Today's action: watching SCOR flag, trimming nothing, and letting gold run.