# Monday  Live Stream US Market Open
**Date:** 2024-05-31  
**Source:** [YouTube](https://www.youtube.com/watch?v=TAapYjnrP9Q)

## Main Thesis
The market is at a critical juncture, with the S&P 500 potentially forming a top and showing signs of exhaustion, while the dollar and yields are poised for a bounce, suggesting a risk-off environment ahead.

## Charts & Technical Analysis

### 1. SPX (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, exhaustion, divergence with RSI
**Key Levels:** 5300 support, 5350 resistance, 5400 resistance

Atkinson highlights the SPX daily chart, noting the market is at a critical juncture. He points out the exhaustion in the rally, with the RSI showing divergence. He mentions the market has been grinding higher but is now struggling to make new highs. He sees 5300 as a key support level and 5350-5400 as resistance, suggesting a potential topping pattern.

### 2. SPX (weekly)

**Bias:** BEARISH
**Pattern:** potential topping pattern, exhaustion
**Key Levels:** 5300 support, 5400 resistance

The weekly SPX chart reinforces the daily view, showing the market at a critical point. Atkinson emphasizes the exhaustion and the difficulty in pushing higher, suggesting a potential reversal or significant pullback is imminent. He reiterates 5300 as a crucial support.

### 3. NDX (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, exhaustion, divergence with RSI
**Key Levels:** 18,500 support, 19,000 resistance

Similar to the SPX, the NDX daily chart shows signs of exhaustion and potential topping. Atkinson points out the RSI divergence and the struggle to maintain upward momentum. He identifies 18,500 as a key support level and 19,000 as resistance, suggesting a potential pullback.

### 4. DXY (daily)

**Bias:** BULLISH
**Pattern:** potential bottoming pattern, bullish divergence with RSI
**Key Levels:** 104 support, 105 resistance

Atkinson presents the DXY daily chart, highlighting a potential bottoming pattern. He notes the bullish divergence on the RSI, suggesting a bounce is likely. He sees 104 as a strong support level and anticipates a move towards 105 or higher, which would be bearish for risk assets.

### 5. US10Y (10-Year Treasury Yield) (daily)

**Bias:** BULLISH
**Pattern:** potential bottoming pattern, bullish divergence with RSI
**Key Levels:** 4.4% support, 4.6% resistance

The 10-Year Treasury Yield daily chart shows a potential bottoming pattern, similar to the DXY. Atkinson points out the bullish divergence on the RSI, indicating that yields are likely to move higher. He identifies 4.4% as a key support and expects a move towards 4.6% or higher, which would be negative for equities.

### 6. EUR/USD (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, bearish divergence with RSI
**Key Levels:** 1.08 support, 1.09 resistance

Atkinson analyzes the EUR/USD daily chart, noting a potential topping pattern. He highlights the bearish divergence on the RSI, suggesting a move lower is likely. He sees 1.08 as a key support level and expects a break below it, aligning with a stronger DXY.

### 7. Gold (XAU/USD) (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, bearish divergence with RSI
**Key Levels:** 2300 support, 2350 resistance

The Gold daily chart shows signs of exhaustion and a potential topping pattern. Atkinson points out the bearish divergence on the RSI, indicating a potential pullback. He identifies 2300 as a key support level and expects a move lower, especially if the DXY strengthens.

### 8. Silver (XAG/USD) (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, bearish divergence with RSI
**Key Levels:** 30 support, 31 resistance

Similar to Gold, Silver's daily chart shows signs of exhaustion and a potential topping pattern. Atkinson highlights the bearish divergence on the RSI, suggesting a pullback is likely. He sees 30 as a key support level and expects a move lower.

### 9. Crude Oil (WTI) (daily)

**Bias:** BULLISH
**Pattern:** potential bottoming pattern, bullish divergence with RSI
**Key Levels:** 75 support, 78 resistance

Atkinson analyzes the Crude Oil daily chart, noting a potential bottoming pattern. He points out the bullish divergence on the RSI, suggesting a bounce is likely. He identifies 75 as a key support level and expects a move towards 78 or higher.

### 10. Bitcoin (BTC/USD) (daily)

**Bias:** BEARISH
**Pattern:** potential topping pattern, bearish divergence with RSI
**Key Levels:** 68,000 support, 70,000 resistance

The Bitcoin daily chart shows signs of exhaustion and a potential topping pattern. Atkinson highlights the bearish divergence on the RSI, indicating a potential pullback. He sees 68,000 as a key support level and expects a move lower, especially if risk assets decline.

## Regime / Cycle Analysis
Atkinson suggests a shift towards a risk-off environment, characterized by a stronger dollar (DXY) and higher yields (US10Y), which typically puts pressure on equities, commodities (Gold, Silver), and cryptocurrencies. He emphasizes the intermarket relationships where a rising DXY and yields are bearish for risk assets.

## Key Calls & Predictions
- SPX and NDX are showing signs of exhaustion and potential topping, suggesting a significant pullback is likely.
- DXY and 10-Year Treasury Yields are forming potential bottoms with bullish divergences, indicating a bounce is imminent.
- A stronger DXY and higher yields will be bearish for risk assets, including equities, gold, silver, and crypto.
- Expect EUR/USD, Gold, Silver, and Bitcoin to move lower.
- Crude Oil shows a potential bottom and could move higher.

## All Instruments Mentioned
SPX, NDX, DXY, US10Y, EUR/USD, Gold, Silver, Crude Oil, Bitcoin

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*Generated by FX Evolution Monitor on 2026-05-31 20:00:14*