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Hello and happy Wednesday!
As we reach midweek, markets are recalibrating around a growing dovish shift in Federal Reserve expectations. Softer labor and retail data have pushed traders to price in a higher likelihood of easing, while equities broaden, Bitcoin hovers near key technical levels, and crypto ETFs surge to record trading volumes. This convergence of monetary, equity, and crypto developments makes the coming days pivotal for positioning into year-end.
Here’s what we’ll cover today:
📅 Macro Review: Market pricing signals a near-term Fed cut after softer labor and retail data, S&P 500 breadth is broadening even as tech mega-caps face pressure, and the odds for Kevin Hassett to lead the Fed have surged above 50%. Bitcoin ETFs hit record volumes, reflecting rising institutional participation.
📊 Crypto Market Overview: Bitcoin reclaimed 88,800 briefly but faced rejection, hovering near 87,000 before moving higher again. TOTAL3 and OTHERS show clear bullish momentum, reclaiming key technical levels.
🔍 Bitcoin vs. Altcoins: BTC.D hovers around 58.65%, while OTHERS.D remains strong above 7.21%, suggesting a rare period of altcoin relative strength as BTC stabilizes.
📈 Key Reversal Signals: OTHERS/BTC tests 2.53M resistance, ETH/BTC consolidates above 0.03255, setting up pivotal scenarios for potential late-cycle rotation.
🚀 Chart of the Week: ??? Sitting at a multi-year support level. Long and short setups remain active, favoring defensive, higher-timeframe strategies in this volatile market, with longs potentially offering significant upside and relatively minor downside risk if fundamentals remain supportive.
Let’s dive in 👇
