Hot Inflation Data, Cool Market Response
Stock Buyers Stay Active as Bitcoin Takes a Breather
The Markets
It was a quieter day overall. Here’s a concise recap and Market Update with a select mix of charts.
Hot PPI data sparked an early gap down in the indices, but buyers wasted no time stepping in, lifting SPY back toward the highs and keeping the ES uptrend intact.
Bitcoin (BTC) failed to sustain its breakout, reversing lower and hinting at a short-term top.
There were pockets of action in some smaller names —
BMNR repeatedly bounced off its 5-day MA
CRWV drifted lower on its offering before a late recovery
PLTR saw a gap-down rally fade at resistance
Then a flurry of action came after the close with news, earnings, and disclosures.
UNH is up 8% as Buffet discloses a stake
Berkshire also disclosed new stakes in homebuilders LEN and DHI
INTC jumps on news that the US Government (they can do that?) may take a position
… to list a few.
Some pockets of opportunity, but overall, a quieter day for the broader market.
The Charts
ES - This is an hourly view of the SP 500 futures showing the uptrend from the early August low is still in place. Dips and peaks and tests of support. But, still moving higher.
IWM came back down to close its gap and also finished the day well above the lows.
BTCUSD with a potentially bothersome red candle for the day. This is after poking its head into new highs. Failed breakdown? Or just another ‘run of the mill’ fakeout. Time will tell. But selling that gives back so much of the recent move so quickly is notable.
The Trade
Strong hands keep buying dips, but leadership is narrowing. If indexes keep absorbing hot data without losing key support, the trend can carry higher.
Stay selective, lean on levels, and let price confirm before pressing.
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Yeah it was weird… I bought a little intel and then I had no idea why it was going up. Read the Trump thing and thought- are we leaning in to being China… my intel position feels a little like my BABA 😂