Both SPX and ETH showed a strong rally, but now we’re seeing early signs of rejection:
• SPX dropped sharply from 0.5169 to 0.4861 (≈ -6%), printing a bearish candle at the top of the Bollinger band.
• ETH follows with a rejection near the upper band too.
• RSI on both charts was above 57 — momentum was hot, but likely overextended.
• Coinbase Premium still barely positive at +2.78 — no strong institutional demand behind the rally.
• Volumes on the sell candle spike — smart money unloading?
Timing matters: All this happens just 2 hours before major economic data (NFP + Unemployment) and a Fed speech.
My View: This smells like a setup to trap late buyers. No long positions until after the news drops. I’d rather miss a few % than get caught in algo-driven volatility.
Protect capital first. Patience wins.
• SPX dropped sharply from 0.5169 to 0.4861 (≈ -6%), printing a bearish candle at the top of the Bollinger band.
• ETH follows with a rejection near the upper band too.
• RSI on both charts was above 57 — momentum was hot, but likely overextended.
• Coinbase Premium still barely positive at +2.78 — no strong institutional demand behind the rally.
• Volumes on the sell candle spike — smart money unloading?
Timing matters: All this happens just 2 hours before major economic data (NFP + Unemployment) and a Fed speech.
My View: This smells like a setup to trap late buyers. No long positions until after the news drops. I’d rather miss a few % than get caught in algo-driven volatility.
Protect capital first. Patience wins.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.