SPX is sliding, tech is getting hit hard, but gold and silver are ripping and BTC is up 2.5% while crypto fear sits at Extreme Fear 19. The divergence is the story this morning.
SPX futures are soft, tech is the big loser overnight at -2.57%, and yet gold is pushing $4,140, silver is up over 2%, and BTC is grinding higher against a Crypto Fear & Greed of 19 (Extreme Fear). That divergence tells me this isn't broad risk-off — it's a rotation out of growth and into hard assets, with financials and comms catching a bid too. DXY dropping 0.71% with the 10Y yield falling to 4.459% is the macro backdrop driving all of it.
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I'm holding my gold and silver positions through today — the dollar weakness plus falling yields is exactly the environment they're built for. Not adding here after a 1.4% gap up; I'll wait for a pullback to $4,100 on gold to size up. BTC I'm holding but not adding into Extreme Fear 19 — that index being this low while price is up tells me the move could be fragile. My day trade focus is STKE if it sets up cleanly above $1.45 at the open. SPX tech weakness keeps me away from QQQ longs today. Watching the 9:45 candle on STKE before I commit any size.