Weekly S&P500 - Tech & Bitcoin show speculative scrambling
Learnings and conclusions from this week’s charts: $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2412(ESmain)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$
1. Tech & Bitcoin show speculative scrambling.
2. Trading in single-stock leveraged ETFs is surging.
3. Mutual funds are underweight Big Tech.
4. Stock market supply has been contracting.
5. Real earnings yields are real low.
Overall, as documented last week, sentiment and the speculative mood is becoming progressively more bullish, euphoric and frenzied.
It’s a dangerous time to lean against the market in light of this self-reinforcing and significant momentum, but it’s an equally dangerous point in the cycle — technically momentum and trend are up, but risk flags are waving all around.
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