Strange things are afoot again in the equities market. While the ongoing rally in the S&P lost a bit of momentum on Friday we should not underestimate the sheer vehemence of the preceding advance. The notion of an instant reversal here seems far fetched but I’m seeing a few signs that point at a possible late summer party pooper.
Last week something unusual happened that took everyone by complete surprise. The new job numbers came out and shocked everyone with a payroll increase of 528,000 in July. How did the market respond?
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The crypto sector is clearly attempting to produce a long term floor, which is evidenced by the series of higher highs and higher lows we’ve seen on both BTC and ETH. However there’s a problem and it’s a pretty glaring one. Both are distinct lagging behind the bounce in equities: