# We Have NEVER SEEN THIS Before...
**Date:** 2026-05-21  
**Source:** [YouTube](https://www.youtube.com/watch?v=yuWckfIX9u8)

## Main Thesis
The market is at epic concentration with 41% of the S&P 500 made up of just 10 stocks, leading to potential volatility and a possible 'dead cat rally' as we enter a seasonal slump and face new Fed chair instability. While earnings have been strong, complacency is high, and retail traders are taking on significant leverage, creating a fragile market susceptible to a slowdown if earnings falter.

## Charts & Technical Analysis

### 1. US500 (S&P 500 Index) (2h)

**Bias:** NEUTRAL
**Pattern:** relief rally after a drop
**Key Levels:** 7436 resistance, 7420 support

The chart shows the US500 index on a 2-hour timeframe. Atkinson highlights a recent drop followed by a relief rally, with the price currently around 7420. He notes that 41% of the S&P 500 is now made up of just 10 stocks, a historical high concentration, suggesting potential for volatility.

### 2. KOSPI (KOSPI Composite Index) (1D)

**Bias:** NEUTRAL
**Pattern:** volatility after a rally
**Key Levels:** 7750 resistance, 7250 support

The KOSPI Composite Index is shown on a daily timeframe. Atkinson points out a relief rally followed by increased volatility, indicating that important markets are experiencing significant price swings.

### 3. NVDA (NVIDIA Corporation) (1D)

**Bias:** NEUTRAL
**Pattern:** blowout earnings followed by potential peak earnings
**Key Levels:** 235 resistance, 220 support, 200 support

NVIDIA's daily chart shows a strong upward trend with recent volatility. Atkinson notes another 'blowout' earnings report but suggests that underlying data might indicate possible peak earnings. He highlights that 50% of data center revenue still comes from hyperscalers (Microsoft, Amazon, Google, Meta) and there are no official sales to China, raising questions about future growth.

### 4. MOVE (ICE BofAML U.S. Bond Market Option Volatility Estimate Index) (1D)

**Bias:** BEARISH
**Pattern:** rising volatility
**Key Levels:** 81.5348 current, 78.8142 previous low

The MOVE index, representing bond market volatility, is shown on a daily timeframe. Atkinson points out a recent rise in the index, indicating increased volatility in the bond market. He suggests that this could be a sign of instability.

### 5. NVDA (NVIDIA Corporation) (Daily)

**Bias:** BEARISH
**Pattern:** post-earnings sell-off
**Key Levels:** 220.01 after-hours price, 223.47 closing price
**Historical Comparison:** similar to past post-earnings reactions

This chart, sourced from FXE Trading Academy, shows NVIDIA's daily price action around its earnings report. Despite beating expectations, the stock sold off slightly in after-hours trading. Atkinson notes that historically, the day after earnings often sees volatility, and the last three major earnings reports for NVIDIA led to market declines, potentially signaling further sell-offs.

### 6. NVDA (NVIDIA Corporation) (Quarterly)

**Bias:** BULLISH
**Pattern:** consistent revenue and EPS growth

This chart, from Astra Insights, displays NVIDIA's historical quarterly revenue and EPS. It shows consistent growth in both metrics, indicating strong fundamental performance. Atkinson notes that the market was 'pretty happy' with the results, with only a slight sell-off after hours.

### 7. Midterm Election Year Seasonal Pattern (DJIA, S&P 500, NASDAQ, Russell 2000) (Seasonal)

**Bias:** BEARISH
**Pattern:** summer slump followed by year-end rally
**Historical Comparison:** 1945-2024 average seasonal pattern

This chart, from PolycarpFX Research, illustrates the average seasonal pattern for major US indices during midterm election years. It shows a tendency for rallies in the first half of the year, followed by a 'summer slump' (sell-off) into the midterm elections, and then a year-end rally. Atkinson suggests that as we head into June, markets might become 'eerie' due to this pattern.

### 8. S&P 500 Drawdowns Under New Fed Chairs (Historical)

**Bias:** BEARISH
**Pattern:** market instability during new Fed chair tenures
**Key Levels:** -5.9% average drawdown in first 3 months, -10.7% average drawdown in first year
**Historical Comparison:** drawdowns across all Fed chairs

This chart, from PolycarpFX Research, shows S&P 500 drawdowns under new Fed chairs. Atkinson highlights that historically, the first three months and the first year under a new Fed chair can experience significant drawdowns, with averages of -5.9% and -10.7% respectively. He suggests that new policies or disagreements with the market can create instability, providing an 'excuse' for market selling.

### 9. Top 10 Stocks as % of S&P 500 Market Capitalization (1980-2026) (Yearly (1980-2026))

**Bias:** NEUTRAL
**Pattern:** increasing market concentration
**Key Levels:** 41% current weight, 33% dot-com peak
**Historical Comparison:** dot-com peak (1999)

This chart illustrates the weight of the top 10 stocks as a percentage of the S&P 500 market capitalization. Atkinson emphasizes that the current 41% concentration is higher than the dot-com peak of 33%. He states that the market is currently driven by AI, data centers, and hardware stocks, and a slowdown in these sectors could lead to a 'real slowdown' in the broader market.

### 10. S&P 500 – Yearly EPS Estimates (Jan 2025 - Jan 2027)

**Bias:** BULLISH
**Pattern:** upgrading of forward EPS estimates
**Key Levels:** $386 (2027 EPS), $355 (2026 EPS), $338 (2025 EPS), $273 (NTM EPS)

This chart, from Duality Research, shows yearly EPS estimates for the S&P 500. Atkinson highlights that Wall Street analysts have been 'upgrading out of control' the forward EPS estimates, leading to massive moves in semiconductors (SMH) and the 'Mag 7' stocks. He notes that as long as earnings hold, the markets are inherently bullish, but a drop could signal a slowdown.

### 11. % of S&P Top 100 Stocks with Inverted Call Skew (3M) (Jan 2021 - Jan 2026)

**Bias:** BEARISH
**Pattern:** extreme bullish positioning
**Key Levels:** 25% current level
**Historical Comparison:** 2021 'meme stock' highs

This chart, from Mandy Xu (CBOE) via Macro Charts, shows the percentage of S&P Top 100 stocks with inverted call skew over 3 months. Atkinson points out that the current level of 25% indicates extreme bullish positioning, approaching the 2021 'meme stock' highs. This suggests high complacency in the market, with more calls than puts.

### 12. Avg SPX Single Stock Put / Call Skew (3m) (May 2006 - Jan 2025)

**Bias:** BEARISH
**Pattern:** low put/call skew
**Key Levels:** 0.04 current low, 0.16 average
**Historical Comparison:** 2021 highs (ARK style funds)

This chart, from Barchart, shows the average S&P 500 single stock 3-month normalized put/call skew. Atkinson highlights that the current skew is at a floor, similar to levels seen at the beginning of 2025 and during the peaks of 2021 when 'ARK style funds' were popular. This indicates that hedging is cheap, and people are not considering downside risk, suggesting complacency.

### 13. US30Y (US 30-Year Treasury Yield) (Daily)

**Bias:** BEARISH
**Pattern:** multi-decade high breakout
**Key Levels:** 5.19% new high

This chart shows the US 30-Year Treasury Yield. Atkinson points out that the yield has broken out to a new multi-decade high of 5.19% and is closing above previous resistance. He considers this a 'warning sign' and a 'bond freakout,' which could lead to market instability.

### 14. Retail Options – Semiconductors Activity Skyrocketing (Monthly (Mar 2020 - May 2026))

**Bias:** BEARISH
**Pattern:** skyrocketing retail options volume
**Key Levels:** 2.8x average daily semiconductor volume
**Historical Comparison:** June 2024 prior record

This chart, from Citadel Securities via Macro Charts, shows retail options activity in semiconductors. Atkinson highlights that retail options traders have traded roughly 2.8 times their average daily semiconductor volume this month, nearly 25% above the prior record set in June 2024. This indicates an 'all-in' concept in semiconductors and hardware, driven by speculation and potentially leading to problems.

### 15. SMH (VanEck Semiconductor ETF) (1D)

**Bias:** BEARISH
**Pattern:** clusters of volume and price action
**Key Levels:** 570 resistance, 562 resistance, 550 support, 540 support, 530 support, 500 support

The daily chart for the VanEck Semiconductor ETF (SMH) shows significant volume movements and price action clusters. Atkinson notes that people are taking out life insurances and retirement savings to buy leveraged positions in Samsung and other hardware stocks in South Korea. He suggests this is 'classic late-cycle style stuff' and a 'problem' because when people feel poor, they take risks. The chart shows a series of resistance levels where significant volume has occurred.

### 16. Years When Nasdaq and 10Y Treasury Yields Both Rose (+2026 YTD) (Yearly (1980-2026))

**Bias:** BEARISH
**Pattern:** Nasdaq and 10Y yields rising simultaneously
**Historical Comparison:** 2021, 2009, 2003, 1999

This scatter plot shows years when both the Nasdaq annual return and 10Y Treasury yield change were positive. Atkinson explains that when both are rising, it can either signal growth or the 'end of a cycle' where markets are looking tired. He suggests that 2026-2027 could be a period of potential problems for the US and global economy, based on historical cycle analysis.

### 17. Margin balances at several retail brokers have surged (Yearly (2010-2026))

**Bias:** BEARISH
**Pattern:** surging margin balances
**Key Levels:** 250 billion (current margin balances), 2.0% (% of customer assets)
**Historical Comparison:** 2020-2021 surge

This chart, from Goldman Sachs Global Investment Research via Wall Street Jesus, shows margin balances at retail brokers. Atkinson highlights that margin balances have been increasing significantly, indicating that 'everyone's starting to stack in' and borrow. He links this to the idea of a market driven by speculation about future earnings, making earnings reports crucial for market direction.

### 18. IGV (iShares Expanded Tech-Software Sector ETF) (1D)

**Bias:** NEUTRAL
**Pattern:** cluster of volume and price action
**Key Levels:** 90 support, 95 resistance, 100 resistance

The daily chart for the iShares Expanded Tech-Software Sector ETF (IGV) shows a cluster of price action and volume. Atkinson reiterates that there are always different opportunities in the market and that traders should avoid fear or greed. He notes that software has been picking up, and while it might initially be helped by AI, he believes it's not a 'counter-trade' to hardware.

### 19. Midterm Election Year Seasonal Pattern (DJIA, S&P 500, NASDAQ, Russell 2000) (Seasonal)

**Bias:** BEARISH
**Pattern:** rally, chop, sell-off, rally
**Historical Comparison:** 1945-2024 average seasonal pattern

This chart, from PolycarpFX Research, is revisited to emphasize the seasonal pattern. Atkinson overlays a hand-drawn path showing a rally, followed by choppy sideways movement, then a significant sell-off, and finally a year-end rally. He suggests that the market is currently following this pattern, entering the choppy phase, and that this is something to keep in mind.

### 20. DXY (U.S. Dollar Index Futures) (1D)

**Bias:** BULLISH
**Pattern:** double bottom, pressing towards parity
**Key Levels:** 99.060 current, 100.275 resistance, 96.440 support

The daily chart for the U.S. Dollar Index Futures (DXY) shows a double bottom pattern forming within a range-bound market. Atkinson notes that the DXY is currently pressing up towards the 100 parity level. He explains that rising yields typically strengthen the US dollar, which is consistent with current observations.

### 21. MOVE (ICE BofAML U.S. Bond Market Option Volatility Estimate Index) (1W)

**Bias:** BEARISH
**Pattern:** rising volatility
**Key Levels:** 81.5348 current, 78.8142 previous low

The weekly chart for the MOVE index is shown. Atkinson reiterates that if this index continues to accelerate, it generally means the market hasn't finished dropping. He notes one day of decline, but emphasizes the overall upward trend in bond market volatility.

### 22. SPX (S&P 500 Index) (1D)

**Bias:** BULLISH
**Pattern:** continued strength despite minor dips
**Key Levels:** 7432.96 current, 1804.91 advance-decline line

The daily chart for the S&P 500 Index (SPX) is shown. Atkinson notes that the advance-decline line has not made a lower low, indicating that the overall trend hasn't drastically changed. He states that the market continues to show more strength than weakness.

### 23. US500 (S&P 500 Index) (2h)

**Bias:** BULLISH
**Pattern:** downward trendline breached, relief rally
**Key Levels:** 7497.9 options high level, 7433.3 resistance, 7367.3 options low level, 7350 support, 7300 support

The 2-hour chart for the US500 index is shown. Atkinson highlights that the market managed to break through a downward trendline and then saw a relief rally to the first resistance at around 7435. He attributes this to substantial puts at the 7350 and 7400 areas. He suggests that if the market breaks through the 7430-7450 zone, it could lead to new highs. He also emphasizes that until key zones like 7300-7350 are dropped, the market remains strong.

### 24. Net GEX All Expirations for SPX (2026-05-20 16:14 EST)

**Bias:** BULLISH
**Pattern:** heavy call skew
**Key Levels:** 7500 call resistance, 7100 put support, 7433 spot price

This chart, from menthorQ, shows the Net GEX (Gamma Exposure) for all SPX expirations. Atkinson points out that people are 'stacking' at the 7500 level, which tends to act as a resistance point. He notes the heavy call skew, indicating bullish sentiment and a lack of hedging. He also highlights 7100 as a key strike level for put support.

### 25. Net GEX All Expirations for SPX (First, Next, Highest, 2nd Highest) (Various expirations)

**Bias:** BEARISH
**Pattern:** puts disappearing, negative gamma
**Key Levels:** 7300 important support, 7500 call resistance

This set of four charts, from menthorQ, shows Net GEX for different SPX expirations. Atkinson notes that some of the puts started to disappear over the next 24-48 hours, leading to negative gamma. He emphasizes that if the market drops through the 7300 area, it will enter negative gamma again, which can put pressure on prices.

### 26. Net GEX All Expirations for NDX (First, Next, Highest, 2nd Highest) (Various expirations)

**Bias:** BULLISH
**Pattern:** calls everywhere
**Key Levels:** 700 support, 735 call resistance

This set of four charts, from menthorQ, shows Net GEX for different NDX expirations. Atkinson states that for the QQQ (Nasdaq 100 ETF), it's 'calls everywhere,' indicating strong bullish sentiment. He notes that unless the market gets through 700, it's not really jumping through a put wall.

### 27. Net GEX All Expirations for NVDA (First, Next, Highest, 2nd Highest) (Various expirations)

**Bias:** BULLISH
**Pattern:** calls everywhere
**Key Levels:** 230 call resistance, 200 put support

This set of four charts, from menthorQ, shows Net GEX for different NVDA expirations. Atkinson reiterates that for NVIDIA, it's 'calls everywhere,' as people get 'pretty hyped' into earnings, expecting a beat. He notes that while it's a great play on stats and averages, the strong left-hand side and upward trend suggest continued bullishness.

### 28. Net GEX All Expirations for SMH (First, Next, Highest, 2nd Highest) (Various expirations)

**Bias:** NEUTRAL
**Pattern:** calls and puts at key levels
**Key Levels:** 500 put support, 515 put support, 550 call resistance, 560 call resistance

This set of four charts, from menthorQ, shows Net GEX for different SMH expirations. Atkinson notes that a lot of people are striking up 500 and 515, and there are not that many calls through the current expirations. He expresses interest in watching semiconductors from a technical analysis perspective rather than just options levels.

### 29. IBIT (iShares Bitcoin Trust) / IBIT Options (Daily)

**Bias:** NEUTRAL
**Pattern:** choppy, range-bound
**Key Levels:** 43.5 support, 44.5 resistance, 47 resistance

This set of four charts, from menthorQ, shows Net GEX for different IBIT expirations. Atkinson notes that the options are 'all over the place' and not through key resistance levels. He suggests that it's all about the daily 200 moving average for Bitcoin, and that the market is currently 'chill' with no significant action.

### 30. IGV (iShares Expanded Tech-Software Sector ETF) (1D)

**Bias:** BULLISH
**Pattern:** Wyckoff-style pattern, higher highs and lows
**Key Levels:** 93.32 current, 89.32 support

The daily chart for the iShares Expanded Tech-Software Sector ETF (IGV) is shown. Atkinson notes that software continues to look like a 'Wyckoff-style pattern' with large volume and a series of higher highs and higher lows. He highlights that the ETF has gained 11% since the 16th, suggesting a considered and steady upward movement.

### 31. RSPD/RSPS (S&P 500 Equal Weight / S&P 500) (1W)

**Bias:** BEARISH
**Pattern:** risk-taking vs. staples
**Key Levels:** 0.1422 current, 0.1607 previous high

The weekly chart for the ratio of S&P 500 Equal Weight to S&P 500 (RSPD/RSPS) is shown. Atkinson notes a big movement up in risk-taking over the last 24 hours, versus staples. He suggests that the hardware sector drives innovation cycles, similar to historical examples like railroads and cars.

### 32. XLP/SPY (Consumer Staples Select Sector SPDR Fund / SPDR S&P 500 ETF Trust) (1D)

**Bias:** BEARISH
**Pattern:** staple breakout
**Key Levels:** 0.1178 resistance, 0.1154 support

The daily chart for the ratio of XLP (Consumer Staples) to SPY (S&P 500) is shown. Atkinson highlights a 'staple breakout' at 0.1180, suggesting that Wall Street is 'risking off' and doing it 'underneath the hood.' He emphasizes the need to watch staples closely as a potential indicator of market sentiment.

### 33. USOIL (CFDs on Crude Oil (WTI)) (1D)

**Bias:** NEUTRAL
**Pattern:** range-bound, no 110 breakout
**Key Levels:** 108.595 resistance, 98.724 current

The daily chart for USOIL (WTI Crude Oil) is shown. Atkinson notes that oil dropped another session and is currently range-bound, with no breakout above 110. He concludes that there's 'not much going on on energy' and no 'fear of the unknown' in this sector.

### 34. XLE (State Street Energy Select Sector SPDR ETF) (1D)

**Bias:** BULLISH
**Pattern:** recovery after a drop
**Key Levels:** 60.98 resistance, 55.76 support, 59.80 current

The daily chart for the State Street Energy Select Sector SPDR ETF (XLE) is shown. Atkinson notes that energy stocks, despite a bad last 24 hours, have been recovering well since their lowest point. He highlights the 'number one largest trade' as a significant turning point for the sector.

### 35. SNDK (Sandisk Corporation) (1D)

**Bias:** NEUTRAL
**Pattern:** volatility returning
**Key Levels:** 1450 resistance, 1300 support, 1100 support

The daily chart for Sandisk Corporation (SNDK) is shown. Atkinson notes that Sandisk is right on the 20-day moving average and has recovered. He expresses skepticism about the area between 1450 and 1500 because 'volatility is back.' He emphasizes that when volatility comes in, 'somebody probably knows something,' and it's likely not retail traders.

### 36. NAS100 (US 100 Cash CFD) (2h)

**Bias:** NEUTRAL
**Pattern:** demand at support, back to resistance
**Key Levels:** 29600 resistance, 28521.3 support

The 2-hour chart for the NAS100 (Nasdaq 100) is shown. Atkinson highlights very good demand on the left-hand side, leading to the first level of support being held. He notes that the market is now back at the first resistance, similar to the S&P 500. He also mentions that the 2-hour 50 exponential moving average was closed above and then tested, indicating a first sign of strength.

### 37. KOSPI (KOSPI Composite Index) (1D)

**Bias:** NEUTRAL
**Pattern:** volatility, recovery off 20-day MA
**Key Levels:** 7750 resistance, 7250 support

The daily chart for the KOSPI Composite Index is revisited. Atkinson asks if it has recovered off the 20-day moving average, to which he answers yes. He still considers it a 'big sell' and sees volatility coming back into the charts, advising caution.

### 38. DRAM (Roundhill Memory ETF) (1D)

**Bias:** NEUTRAL
**Pattern:** volatility
**Key Levels:** 56 resistance, 44 support, 36 support

The daily chart for the Roundhill Memory ETF (DRAM) is shown. Atkinson briefly notes the volatility in this instrument, linking it to the broader semiconductor and hardware sector.

### 39. SMH (VanEck Semiconductor ETF) (4h)

**Bias:** NEUTRAL
**Pattern:** cluster trades, trading around supply
**Key Levels:** 575 resistance, 540 support

The 4-hour chart for the VanEck Semiconductor ETF (SMH) is shown. Atkinson highlights that there are 'quite a lot of cluster trades' that have gone through here. Using a fixed range volume profile, he identifies areas where transactions previously occurred. He notes that the market is currently trading around the first supply area, similar to the S&P 500 and Nasdaq.

### 40. SMH (VanEck Semiconductor ETF) (2h)

**Bias:** NEUTRAL
**Pattern:** resistance at supply area
**Key Levels:** 560 resistance, 540 support

The 2-hour chart for the VanEck Semiconductor ETF (SMH) is shown. Atkinson points out the resistance supply area, indicating that the market is currently at resistance after NVIDIA earnings. He emphasizes the importance of the next 24 hours for this sector.

### 41. XAUUSD (Gold Spot / U.S. Dollar) (4h)

**Bias:** NEUTRAL
**Pattern:** holding support, almost higher high
**Key Levels:** 4700 resistance, 4593.18 previous high, 4501.79 support

The 4-hour chart for Gold Spot / U.S. Dollar (XAUUSD) is shown. Atkinson notes that the 4500 level (or just underneath) has held as support so far. He observes that Gold almost made a new higher high at 4593, which could be a good sign for day traders and others seeing recovery. He states that ultimately, Gold needs to get through the previous high at 4700 for a significant bullish move.

### 42. SILVER (CFDs on Silver (US$/OZ)) (4h)

**Bias:** NEUTRAL
**Pattern:** holding support, potential higher high
**Key Levels:** 80.9501 resistance, 79.2083 alert level, 73.4079 most traded area

The 4-hour chart for Silver (CFDs on Silver) is shown. Atkinson notes that Silver has come down to a 'fairly heavily traded area' and has shown a 'little bit of improvement.' He has an alert set at 79.20 to see if it makes a higher high, indicating a similar pattern to most metals at this point.

### 43. XJO (S&P/ASX 200 Index) (1D)

**Bias:** NEUTRAL
**Pattern:** volatile, holding support
**Key Levels:** 8640.1 current, 8460.7 support, 9000 resistance

The daily chart for the S&P/ASX 200 Index (XJO) is shown. Atkinson notes that the Australian market held a bit better than others, but has been quite volatile with large up and down days. He observes that it has been at 9000 a few times and has come down to the 8500 level, similar to the US market's preference for 500-point increments.

### 44. BTCUSDT (Bitcoin / TetherUS) (1D)

**Bias:** NEUTRAL
**Pattern:** recovery off 50-day MA, tracking levels
**Key Levels:** 79443.63 previous resistance, 77864.68 current, 75000 support

The daily chart for Bitcoin (BTCUSDT) is shown. Atkinson notes that Bitcoin has come to the 50-day moving average and seen 'some recovery,' though not 'that much to write home about.' He states that Bitcoin has stopped declining every single time and has made a slight higher high, but has not gone through 78500. He emphasizes that the daily 200 remains the most important level for Bitcoin, echoing Paul Tudor Jones's sentiment that 'nothing good happens underneath the daily 200.'

### 45. BTCUSDT (Bitcoin / TetherUS) (2h)

**Bias:** NEUTRAL
**Pattern:** slight higher high, tracking levels
**Key Levels:** 79443.63 previous resistance, 77864.68 current, 76000 support

The 2-hour chart for Bitcoin (BTCUSDT) is shown. Atkinson notes that Bitcoin has made a slight higher high but has not gone through 78500. He states that Ethereum is still weak and that Bitcoin is the leader in crypto, similar to the S&P 500. He emphasizes tracking these levels and paying close attention to this zone.

## Regime / Cycle Analysis
The video discusses a market at 'epic concentration' with a few stocks dominating the S&P 500, a situation historically linked to potential volatility. It highlights a 'seasonal slump' pattern for midterm election years, suggesting a period of sell-offs. The analysis also points to market instability during new Fed chair tenures and a high level of retail investor complacency, with significant leverage being taken on. The overall macro regime is characterized by strong earnings in key sectors (AI, semiconductors) but with underlying concerns about sustainability and potential for a slowdown if earnings falter or risk-off sentiment takes hold.

## Key Calls & Predictions
- 41% of the S&P 500 is now made up of just 10 stocks, a historical high concentration.
- The market is at 'epic concentration' and entering a seasonal period of potential volatility.
- NVIDIA's recent earnings, while strong, may indicate 'peak earnings' underneath the hood.
- Historically, midterm election years tend to see a 'summer slump' (sell-off) followed by a year-end rally.
- New Fed chair tenures have historically been associated with significant S&P 500 drawdowns.
- Retail options traders are showing extreme bullish positioning in semiconductors, with volume nearly 2.8x their average, suggesting high complacency.
- South Korean retail investors are cashing out life insurances and retirement savings to buy leveraged positions in hardware stocks like Samsung, indicating 'classic late-cycle style stuff' and risk-taking.
- The US Dollar Index (DXY) is pressing up towards the 100 parity level, driven by rising yields.
- The MOVE index (bond market volatility) is rising, indicating increased risk in the bond market.
- The S&P 500 (US500) has breached a downward trendline and rallied to first resistance, but has not yet dropped key support zones (e.g., 7300-7350).
- Bitcoin's daily 200-day moving average remains a critical level; 'nothing good happens underneath the daily 200'.

## All Instruments Mentioned
US500, KOSPI, NVDA, MOVE, DJIA, S&P 500, NASDAQ, Russell 2000, US30Y, SMH, IGV, RSPD/RSPS, XLP/SPY, USOIL, XLE, SNDK, NAS100, DRAM, XAUUSD, SILVER, XJO, BTCUSDT, ETHUSDT, IBIT

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*Generated by FX Evolution Monitor on 2026-05-21 20:01:15*