# Monday Live Stream US Market Open: Oil Down Markets Up, Bitcoin Flying? SP500, Nasdaq.
**Date:** 2026-09-21  
**Source:** [YouTube](https://www.youtube.com/watch?v=nnHIv4Z5neY)

## Main Thesis
Markets are rallying, led by a significant breakout in cryptocurrencies and strength in the technology sector, despite underlying bad breadth. The drop in oil prices from key resistance is supporting this bullish sentiment, creating a 'K-shaped' market where tech thrives while consumer-facing stocks struggle.

## Charts & Technical Analysis

### 1. US Oil (daily)

**Bias:** BEARISH
**Pattern:** rejection from resistance
**Key Levels:** 105 106 a barrel resistance

Atkinson recaps that last week oil hit its resistance area of $105-106 a barrel and has since fallen. He notes this drop is a key reason for the bullish sentiment across other markets.

### 2. UK Oil (None)

**Bias:** BEARISH
**Pattern:** rejection from resistance
**Key Levels:** critical resistance

Mentioned in conjunction with US Oil, he notes that UK oil also hit a critical resistance level at the same time, reinforcing the cross-market correlation.

### 3. S&P 500 (daily, weekly)

**Bias:** BULLISH
**Pattern:** bounce from weekly 20 moving average, higher high

The S&P 500 came down to its weekly 20 moving average on Wednesday due to the FOMC, which coincided with oil topping out. Since hitting that key support, the market formed a low, a lower low, and then a higher high, indicating a shift to a stronger structure.

### 4. Bitcoin (daily)

**Bias:** BULLISH
**Pattern:** breakout, squeeze, flag
**Key Levels:** 80,000 support, 96,000 90,000 area resistance

Bitcoin has seen a huge upward movement, breaking out after a period of consolidation that looked weak and could have trapped shorts. Atkinson notes the key change was when 80,000 was taken out last week. He suggests potential targets are in the 90,000-96,000 area and that many will now draw this pattern as a flag.

### 5. Ethereum (None)

**Bias:** BULLISH
**Pattern:** breakout from tight range

Ethereum also closed above its previous resistance after being in an extremely tight range. It was already showing strength by being above a prior higher high, demonstrating cross-correlation in the crypto market.

### 6. Solana (None)

**Bias:** BULLISH
**Pattern:** flag

Solana is also showing strength, with a pattern that many will see as a flag. Atkinson notes that a measured move of the pole length projects back into a supply area, a technical setup similar to other major crypto pairs.

### 7. Gold (None)

**Bias:** NEUTRAL
**Pattern:** breakout of downward trend line

Gold has managed to close above a small downward trend line, stopping its series of lower highs and lower lows. However, there has not been much movement in it today.

### 8. Silver (None)

**Bias:** BULLISH
**Pattern:** miniature pit, pull back in time
**Key Levels:** 68 as key resistance

Silver is performing slightly better than gold and is sitting above a previous resistance level. It appears to be in a small-scale 'pit' or pullback. Atkinson identifies 68 as a key resistance level moving forward.

### 9. Copper (weekly)

**Bias:** BULLISH
**Pattern:** bounce from weekly 20 moving average
**Key Levels:** 670 weekly close
**Historical Comparison:** Bottomed in October of 2022, similar to the S&P and NASDAQ.

Atkinson states 'the doctor is back in a big way' as copper is flying after bouncing off the weekly 20 moving average. He sees this as a sign of continued GDP growth and an 'inflationary boom market'.

### 10. US Treasuries (None)

**Bias:** BEARISH
**Key Levels:** $80

He shows a chart of treasuries trading around $80, noting how in the past, this level would have implied a market crash, yet it hasn't happened. He says it's important to watch but they are not in a 'freak out' mode.

### 11. Junk Bonds (None)

**Bias:** NEUTRAL

Atkinson clarifies that while the price of junk bonds is down, it does not mean that bonds are 'freaking out'. He states there is currently no freak out in the bond market.

### 12. Transportations (None)

**Bias:** BEARISH
**Pattern:** taking a bit of a dive

He briefly shows a chart of the transportation sector, noting that it is starting to dive due to the high price of diesel.

### 13. Dell (None)

**Bias:** BULLISH
**Pattern:** pit into a break into a continuation, series of higher highs and higher lows

In response to a viewer request, Atkinson analyzes Dell, noting its beautiful technical pattern of a 'pit' leading to a breakout and continuation. The stock remains in a clear uptrend with a series of higher highs and higher lows.

### 14. Japanese 10Y Yield (None)

**Bias:** BULLISH
**Pattern:** breakout
**Key Levels:** 1.55%
**Historical Comparison:** The yield has been low 'forever', making the current move significant.

He highlights the Japanese 10-year yield hitting 1.55%, which is a massive move in its historical context. This represents a critical and massive money turn and flow adjustment.

### 15. Oracle (None)

**Bias:** BEARISH

Atkinson describes Oracle as a 'horrible stock' and says the chart does not fill him with confidence. He mentions it in the context of potential risks from credit default swaps on tech stocks.

### 16. McDonald's (None)

**Bias:** BEARISH
**Pattern:** testing support

He uses McDonald's as a prime example of the 'K-shaped economy'. The chart is under significant pressure and testing a key support level, looking 'horrible'.

### 17. Nike (None)

**Bias:** BEARISH
**Pattern:** strong downtrend

Another example of the K-shaped economy, Atkinson expresses shock at how 'horrible' the Nike chart looks, highlighting weakness in consumer-facing stocks.

### 18. RSP discretionary (None)

**Bias:** BEARISH
**Pattern:** weak
**Key Levels:** at the supports

The equal-weighted consumer discretionary ETF is weak and sitting at support levels. Atkinson is paying close attention to this as it represents a significant part of the economy.

### 19. Dollar (None)

**Bias:** NEUTRAL

He gives a very brief update, stating that 'nothing much is going on on the dollar'.

### 20. Technology stocks (XLK) (None)

**Bias:** BULLISH
**Pattern:** rallying
**Key Levels:** little resistance line

He notes that tech is often the sector that pulls markets out of bad breadth situations. Tech stocks are rallying today and hitting a small resistance line. Data shows it's the best-performing sector over the last month.

### 21. Mags (Magnificent 7) (None)

**Bias:** BULLISH
**Pattern:** all-time high

The Magnificent 7 index is making a new all-time high and outperforming the SPY, indicating it is doing the 'heavy lifting' for the broader market.

### 22. Domino's (DPZ) (None)

**Bias:** BEARISH
**Pattern:** sharp decline

Shown as another example of a struggling consumer stock, with the chart in a sharp decline.

### 23. NASDAQ (None)

**Bias:** NEUTRAL
**Pattern:** range-bound
**Key Levels:** 29,500, 720 call wall, 730 735

Using a fixed range volume profile, he identifies 29,500 as the middle of the current range. For the QQQ ETF, he notes the call wall is around 720, and a move through 730-735 could trigger a positive gamma squeeze.

### 24. AUD/NZD (None)

**Bias:** BULLISH
**Pattern:** series of higher highs, higher lows
**Key Levels:** 1.24, 126 resistance

In response to a viewer request, he notes the pair is rallying with a series of higher highs and higher lows. The next major resistance is the most traded zone from the past, around 1.26.

## Regime / Cycle Analysis
The market is described as being in an 'inflationary boom' driven by AI-related capex spending, which is supporting GDP growth and assets like Copper. This has created a 'K-shaped economy' where a few large-cap tech stocks (Magnificent 7) are making new highs and holding up the indices, while the broader market has terrible breadth and consumer-facing stocks (McDonald's, Nike, Domino's) are very weak. There is a key intermarket relationship where falling oil prices are providing a tailwind for equities, which recently bounced off the critical weekly 20 moving average.

## Key Calls & Predictions
- The current market rally has very bad breadth and is a 'horror show underneath' the strong tech leadership.
- A potential catalyst for a market 'freak out' could be credit default swaps swinging on major tech stocks.
- The key things to watch are 'Earnings, earnings, earnings, IPOs, IPOs, IPOs, and bonds, bonds, bonds'.
- It is difficult for the market to go down when retail sentiment is heavily bearish (56% were bearish last week).
- Atkinson believes that trading on higher timeframes is becoming more effective as smaller, intraday timeframes are increasingly difficult and 'you're going to get eaten'.

## All Instruments Mentioned
S&P 500, NASDAQ, Oil, Bitcoin, Ethereum, Solana, UK Oil, AUD/NZD, Gold, Silver, Copper, US Treasuries, Junk Bonds, Transportations, Dell, Japanese 10Y Yield, Oracle, McDonald's, Nike, RSP discretionary, Dollar, Technology stocks (XLK), Mags (Magnificent 7), Domino's (DPZ), SPY, QQQ

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*Generated by FX Evolution Monitor on 2026-09-22 23:01:55*