Tech Goes Nowhere As Stress Quietly Builds
SPX technicals
SPX has so far reversed right in the upper part of the range. Note the index has been forming some sort of a rising wedge. Short term support 6900, resistance 7000 (futures).
Source: LSEG Workspace
Tech déjà vu?
NASDAQ remains stuck inside the wedge formation that has been building over recent months. Notably, the 21-day is crossing the 50-day here, for the second time in a month, echoing a very similar wedge setup and 21/50-day cross seen back in February 2025.
Source: LSEG Workspace
That tech gap
NDX vs. SPX gap getting wider by the day...
Source: LSEG Workspace
That tech stress
NASDAQ volatility rather well bid, absolutely, as well as relatively speaking. Watch this closely.
Source: LSEG Workspace
As Apple goes...
…goes the market? Most recent fade in Apple is becoming rather extreme.
Source: LSEG Workspace
Bitcoin as the "sentimentor"
BTC back as the relative underperformer. Does soggy BTC momentum spillover in a more serious fashion? The gap vs. NDX remains very wide.
