Stocks trying to breakout the trendline coming from January 2022 - since then it was tested multiple times which makes it really strong dynamic SR. If price find acceptance above it we might see reversal of S&P500 downtrend. Obviously for BTC which is already ultra bullish that will only add more fuel.

But that is so far pure theory. It will probably take a week for this price action to happen.

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S&P500 chart now still within uptrend on 4H and still possess potential to breakout higher. That is one of those contradiction moments I mentioned in BTC review which holds me from turning short term bearish.

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S&P500 broken uptrend structure and lost January close. Now at one of potential bounce zones, but since price action itself doesn't show anything bullish we may expect it to drop down to the next level at 4000-4015. Unless the following several 4H candles show reversal PA.

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S&P500 found support at 4060. Two bullish candles followed the bounce and ended up in bearish re-test of 4095.

Until find acceptance above that level remain bearish, but wicks to 4120-4135 are possible even within bearish scenario next week before CPI.

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S&P500 pumped to the top of the channel. Its volatility is even higher than Bitcoin's now. But at least it pumped. BTC just dumped and came back to where it started.

While price moved between channel borders we should expect it to stay within borders until it breaks one or another. So following this logic now its time to go down. Unless proven otherwise.

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S&P500 got rejected from the top of the channel. Now at the bottom with second re-test of that support. Theoretically we may expect stocks to bounce back to the top. Obviously BTC will follow that bullish scenario. Yes, its the dips situation that possess same risk as always - what if it will dip lower )) No pain, no gain.

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S&P500 didn't manage to bounce from the bottom of channel and now trades below January close. Might dip to 4000-4015 and stay within bullish reversal trend. If close week below that level most probably will continue lower to ~3925 (2022 VAL)

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Yesterday S&P500 dumped and the next 4H candle made it all back forming a pretty wide range for consolidation within same order block it had in the middle of January. I don't have any bullish bias for this chart, but it leaves a chance for a bounce back to January close SR zone. Or at least to ~4045. That may help Bitcoin do the same move.

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S&P500 down to developing quarter VWAP VAL and 2022 VAL. What a combination. Bottom of the range by all means. Clear downtrend for 2 weeks now, but when it comes to strong support levels there is always a higher chance for a bounce. Comparing this to DXY chart we may assume that overall picture looks promising for crypto. Although that bullish scenario is not yet confirmed.

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So S&P500 bounced ✅

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