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Bitcoin, Big-Tech, Bullion, & Bonds Bounce As Breakevens, Black Gold, & The Buck Breakdown

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After yesterday’s bloodbathery, today was the big bounce back. Big-tech had bounced off the intraday lows yesterday to end unchanged and were violently panic-bid from the cash open today (only briefly stalled in their gamma-squeeze surge into tomorrow’s opex by a brief interruption as Yellen tanked crypto). Nasdaq ended up over 2% today (and up 4% from yesterday lows ahead of the cash open). The S&P erased yesterday’s losses, but The Dow and Small Caps, despite today’s gains, could not get back to even from Tuesday…

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Nasdaq stalled today at its 50DMA…

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Small Caps bounced back to their 100DMA…

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Bitcoin bounced back above $42k intraday but was knocked down to $40k on the Treasury/IRS headlines – still well off the $30k lows from yesterday…

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Source: Bloomberg

Ether bounced back up just shy of $3000 intraday…

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Source: Bloomberg

For context, BTC is still down around 7% over the last two days, ETH down over 18%…

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Source: Bloomberg

The buck’s Fed-driven bounce yesterday has been erased…

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Source: Bloomberg

And mirroring the Dollar, 10Y Yields fell back today, wiping out the Fed-driven spike yesterday…

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Source: Bloomberg

Today’s rally sent yields back down to unchanged on the week…

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Source: Bloomberg

As Breakevens broke down significantly…

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Source: Bloomberg

The relationship between breakevens and stocks appears to have broken…

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Source: Bloomberg

Oil prices extended their losses today with WTI back to a $61 handle…

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Spot Gold rallied further today, extending gains above its 200DMA and critical downtrend resistance line…

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Source: Bloomberg

Lumber extended its big bounce from limit down yesterday to limit up at yesterday’s close and limit up again today…

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Source: Bloomberg

Finally, US Macro Surprise data has turned negative for the first time since June 2020 (after LEI and continuing claims disappointed today)…

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Source: Bloomberg

And a quick reminder why none of that fundamental malarkey matters…

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h/t @Not_Jim_Cramer

We’re gonna need more stimmies.