SPX is slipping toward key support as tech leads the selloff and crypto Fear & Greed hits Extreme Fear at 12. Gold is the standout — up 1.5% overnight and looking like the only place institutions want to be right now.
Overnight was a tale of two markets: hard assets catching a serious bid while risk assets leak lower. Gold printing $4,534 with a 1.5% overnight gain while BTC sits at $63,566 with crypto Fear & Greed at 12 (Extreme Fear) tells me capital is rotating defensively, not just taking profit.
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I'm carrying my gold position into today's open with a stop below $4,510 — the overnight move is exactly what I wanted to see and I'm not selling strength here. My BTC is held with conviction but I'm not adding at $63,566 with the Fear & Greed at 12; that number screams capitulation isn't finished. Day trade sizing is at 60% of normal given SPX hasn't picked a direction yet and the scanner qualified zero tickers — the tape is telling me something. Economic data today includes ISM Services PMI; a miss below 50 would confirm the defensive rotation and I'll add to gold on any dip to $4,510. First hour I'm watching LESL for that flag setup and PAYP for the failed bounce short — nothing else moves me today.