# Another Number 1...
**Date:** 2026-05-27  
**Source:** [YouTube](https://www.youtube.com/watch?v=gHPc0xxp1z0)

## Main Thesis
The market is experiencing a significant rally driven by semiconductors and AI, with record flows and upgrades, but there are underlying economic disconnects and potential volatility ahead, especially with upcoming IPOs and bond market pressures.

## Charts & Technical Analysis

### 1. MU (1D)

**Bias:** BULLISH
**Pattern:** upward trend, breakout
**Key Levels:** 895.88 current price, 819.25 previous high, 790.00 resistance, 740.00 resistance, 690.00 resistance, 640.00 support, 590.00 support, 540.00 support, 490.00 support, 440.00 support, 390.00 support, 340.00 support, 290.00 support, 240.00 support, 190.00 support
**Historical Comparison:** null

Micron Technology (MU) is shown on a daily chart, currently at 895.88. The speaker notes it's witnessing history again in 2026, with the largest transaction ever recorded on Micron in the last 24 hours. The chart shows a strong upward trend, breaking previous highs. The speaker mentions that Wall Street is upgrading hardware and semiconductor stocks, anticipating more trillion-dollar businesses.

### 2. SPX (1W)

**Bias:** BULLISH
**Pattern:** strong upward trend
**Key Levels:** 7,519.11 current price, 7,499.90 resistance, 7,371.16 support, 7,200.00 support, 6,500.00 support, 5,500.00 support, 42.63 previous low
**Historical Comparison:** null

The S&P 500 (SPX) is shown on a weekly chart, currently at 7,519.11. The speaker highlights the continued upgrades across hardware and semiconductor stocks, suggesting more trillion-dollar businesses could enter the market. The chart shows a sustained upward rally, with the price well above its moving averages.

### 3. SMH (1D)

**Bias:** BULLISH
**Pattern:** strong upward trend, breakout
**Key Levels:** 602.14 current price, 581.31 resistance, 566.36 support, 525.00 support, 475.00 support, 450.00 support
**Historical Comparison:** null

The VanEck Semiconductor ETF (SMH) is displayed on a daily chart, currently at 602.14. The chart shows a significant upward trend, breaking above a resistance level around 581.31. The speaker emphasizes that this rally could reshape the S&P 500 and the market's understanding of the current rally.

### 4. UKOIL (1D)

**Bias:** NEUTRAL
**Pattern:** range-bound, potential double top
**Key Levels:** 95.05 current price, 114.13 resistance, 113.36 resistance, 103.96 support, 96.44 support, 95.05 support, 92.95 support
**Historical Comparison:** null

UK Crude Oil (UKOIL) is shown on a daily chart, currently at 95.05. The chart displays price action within a range, with resistance around 114.13 and support around 92.95. The speaker mentions looking at stocks, commodities, and cryptos, including what investors and traders need to watch.

### 5. MU (N/A)

**Bias:** BULLISH
**Pattern:** upgrades
**Key Levels:** UBS target: $535 -> $1625, BofA Securities target: $500 -> $950, DA Davidson target: $1000
**Historical Comparison:** null

A table showing analyst rating changes and price target changes for Micron (MU). UBS upgraded from $535 to $1625, BofA Securities from $500 to $950, and DA Davidson set a target of $1000. The speaker highlights the 'wild' upgrades from Wall Street, indicating significant excitement and flows into the market.

### 6. NVDA (N/A)

**Bias:** BULLISH
**Pattern:** upgrades
**Key Levels:** Wedbush target: $300 -> $330, UBS target: $275 -> $280, The Benchmark Company target: $250 -> $335, Stifel target: $250 -> $282, Robert W. Baird target: $300 -> $500, RBC Capital Mkts target: $250 -> $270, Needham target: $240 -> $270, Morgan Stanley target: $285 -> $288, KeyBanc Capital Markets target: $300 -> $310, JP Morgan target: $265 -> $280
**Historical Comparison:** null

A table showing analyst rating changes and price target changes for NVIDIA (NVDA). Multiple analysts upgraded NVDA, with Robert W. Baird making a significant jump from $300 to $500. The speaker notes that this is the type of 'crazy' behavior seen around IPOs, and that a $500 target would put NVDA at a $10 trillion market capitalization.

### 7. Companies With $1 Trillion+ Market Cap (N/A)

**Bias:** BULLISH
**Pattern:** bar chart
**Key Levels:** NVDA: $5.2T, GOOGL: $4.7T, AAPL: $4.7T, MSFT: $3.1T, AMZN: $2.8T, TSM: $2.1T, AVGO: $2.0T, TSLA: $1.8T, META: $1.6T, SMSN: $1.5T, BRK: $1.3T, MU: $1.0T, LLY: $1.0T
**Historical Comparison:** null

A bar chart illustrating companies with over $1 trillion market capitalization, categorized by country. The speaker mentions that Micron (MU) is now a $1 trillion stock. He also highlights that SpaceX's estimated market cap could be between $1.5T and $1.75T, placing it among the top 10 businesses globally. The speaker also notes that TSMC's rise has surpassed the market capitalization of the entire Indian stock market. He warns that such massive rallies in new technology, similar to the dot-com era, can lead to 'pretty wild' market conditions, and that NVDA could reach $10T+ with current lofty targets.

### 8. MU (1D)

**Bias:** BULLISH
**Pattern:** upward trend, large transactions
**Key Levels:** 914.53 current price, 890.00 resistance, 840.00 resistance, 790.00 resistance, 740.00 resistance, 690.00 resistance, 640.00 support, 590.00 support, 540.00 support, 490.00 support, 440.00 support, 390.00 support, 340.00 support, 290.00 support, 240.00 support
**Historical Comparison:** null

Micron Technology (MU) is shown on a daily chart, currently at 914.53. The chart highlights massive transactions (labeled #1, #3, #4, #5) that often precede market reactions. The speaker notes that the largest transaction ever on Micron just occurred. He asks if these targets are possible and if NVDA can hit $10 trillion, emphasizing that current flows are the key.

### 9. MU (1D)

**Bias:** BULLISH
**Pattern:** upward trend, clusters of transactions
**Key Levels:** 726.00 current price, 790.00 resistance, 740.00 resistance, 690.00 resistance, 640.00 support, 590.00 support, 540.00 support, 490.00 support, 440.00 support, 390.00 support, 340.00 support, 290.00 support, 240.00 support
**Historical Comparison:** null

Micron Technology (MU) is shown on a daily chart, currently at 726.00. The chart highlights clusters of large transactions (labeled #2, #4, #5, #6, #7, #8, #9, #10) over recent days. The speaker notes that after the #1 transaction, the market fell, and after #3, it consolidated, but the overall trend is upward. He reiterates the significance of the largest transaction ever on Micron and the entry of the 'trillion dollar squad'.

### 10. The K-Shaped Economy (N/A)

**Bias:** NEUTRAL
**Pattern:** K-shaped recovery
**Key Levels:** Upper Path (Rising Arm), Lower Path (Falling Arm)
**Historical Comparison:** null

A chart illustrating the K-shaped economy, where different groups experience opposite outcomes after a shock. The 'Upper Path' represents higher-income, skilled, asset-owning groups benefiting from and accelerating in recovery, while the 'Lower Path' represents lower-income, less-skilled, or vulnerable groups struggling to recover. The speaker mentions that the top 10% of US earners are spending all the money, with average spending of $300-$350 at expensive steakhouses, while the bottom 80% are struggling, dropping to around 35% of overall consumer spending. This suggests a disconnect between the economy and the stock market, with the stock market going up while the consumer falls off.

### 11. S&P 500 Price Returns vs Forward EPS Growth (Year-over-Year Change)

**Bias:** NEUTRAL
**Pattern:** divergence
**Key Levels:** Path Projection, Price Return YoY, 12m Forward EPS YoY
**Historical Comparison:** 2019, Global Financial Crisis

A chart showing S&P 500 price returns versus forward EPS growth year-over-year. The speaker highlights a significant disconnect between the stock market (price return) and the economy (consumer spending), which is reflected in the charts. He notes that this divergence is unusual and has previously occurred around 2019 and the Global Financial Crisis, suggesting it's a late-cycle read. He states that eventually, the stock market has to pay for this disconnect, but it can continue until the 'bears die'.

### 12. S&P 500 - Yearly EPS Estimates (N/A)

**Bias:** BULLISH
**Pattern:** upward trend in EPS estimates
**Key Levels:** '27 EPS: $390, '26 EPS: $358, '25 EPS: $340, NTM EPS: $273
**Historical Comparison:** null

A chart showing yearly EPS estimates for the S&P 500. The speaker emphasizes 'earnings, earnings, earnings' and 'IPOs, IPOs, IPOs' as long as earnings hold up. He points out that at a 22x multiple, the market would be at 8500 if 2027 EPS holds. He mentions a recent survey where the community was 50/50 on whether an earnings peak would be seen, indicating division. He believes each quarter will be important for earnings.

### 13. SpaceX Valuation History, $ Billions (December 2002 - May 2026)

**Bias:** NEUTRAL
**Pattern:** exponential growth
**Key Levels:** 1,500 current valuation
**Historical Comparison:** Tesla

A chart showing SpaceX's valuation history in billions of dollars, from December 2002 to May 2026. The speaker notes the exponential growth in valuation, reaching 1,500 billion. He mentions that IPOs can hype markets, leading to rallies, but then reality pushes them back down. He compares this to Tesla's past performance, suggesting that while the current valuations might seem unrealistic, miracles can happen. He emphasizes the importance of the upcoming SpaceX IPO, which will be live-streamed.

### 14. VIX Seasonality (2004-2024) (Monthly Average)

**Bias:** NEUTRAL
**Pattern:** seasonal volatility
**Key Levels:** Lowest average VIX in July, Peaks in Oct, Winter months remain elevated
**Historical Comparison:** 20-year average

A chart showing VIX seasonality from 2004-2024, displaying average monthly VIX levels. The speaker notes that volatility tends to bottom out in the summer months (June-July) and then picks up into the election. He mentions that some believe volatility is dead, but historical data suggests otherwise. He also references Tom Lee's opinion that markets could fall and then reprice themselves, aligning with the idea of increased volatility in the latter half of the year, especially during mid-term election years.

### 15. First-Year Performance of the Most Hyped IPOs Since 2019 (First Year)

**Bias:** NEUTRAL
**Pattern:** mixed performance, initial hype followed by decline
**Key Levels:** Average performance, Palantir, Arm, Reddit, Snowflake, Airbnb, Uber, Coinbase, Rivian, Walmart
**Historical Comparison:** null

A chart showing the first-year performance of the most hyped IPOs since 2019. The speaker highlights that while some IPOs, like Palantir, performed well, many others, including Uber and Airbnb, did not perform very well after initial hype. He emphasizes that the first 30 days are key for IPOs and that market structure is super important. He warns that people often get excited and pile into stocks like semiconductors, creating a dangerous level, especially in places like Korea where people are leveraging life insurance and pension funds to invest.

### 16. 3CO (1D)

**Bias:** NEUTRAL
**Pattern:** long-term downtrend, recent large transactions
**Key Levels:** 55.61 current price, 50000 resistance, 30000 resistance, 10000 support, 5000 support, 1000 support
**Historical Comparison:** null

The ProShares UltraShort Bloomberg Crude Oil ETF (3CO) is shown on a daily chart. The speaker notes that there have been several large trades, including the number one largest, coming in at a low level. He mentions that he always reports both sides of the market, and this indicates significant activity in the ultra-short oil funds. He suggests that oil is at a 'dividing point' in the markets.

### 17. SCO (1D)

**Bias:** NEUTRAL
**Pattern:** range-bound, clusters of transactions
**Key Levels:** 16.64 current price, 17.00 resistance, 16.00 support, 15.00 support, 14.00 support, 13.00 support, 12.00 support, 11.00 support, 10.00 support
**Historical Comparison:** null

The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) is shown on a daily chart, currently at 16.64. The chart highlights clusters of large transactions, indicating significant activity. The speaker reiterates that oil is at a 'dividing point' and that these transactions are important to watch for potential reactions.

### 18. XLK / S&P ratio (N/A)

**Bias:** BULLISH
**Pattern:** divergence
**Key Levels:** Record 3-month net flows
**Historical Comparison:** null

A chart showing the XLK (Technology Select Sector SPDR Fund) to S&P 500 ratio, along with 3-month net flows. The speaker points out a record in 3-month net flows, suggesting that people are going 'wild' and more are entering IPOs, particularly in semiconductors. He emphasizes the importance of higher highs and higher lows in price action.

### 19. S&P 500: VIX Volatility Index (VVIX) Drops Below 90 for the First Time in Over 2 Months (N/A)

**Bias:** NEUTRAL
**Pattern:** volatility decline
**Key Levels:** VVIX drops below 90
**Historical Comparison:** Data since 2006 (12 instances)

A chart showing the S&P 500 and the VVIX (VIX Volatility Index). The VVIX has dropped below 90 for the first time in over 2 months. The speaker notes that historically, this has been a 'coin-flippy' situation for the S&P 500 over the next month, with about 50% positive and 50% negative returns. He suggests that markets tend to remain volatile or even dull after such drops, and that more price action is needed to confirm a clear direction.

### 20. INTC (1D)

**Bias:** BULLISH
**Pattern:** upward trend, large intraday moves
**Key Levels:** 116.88 current price, 120.00 resistance, 100.00 support, 80.00 support, 60.00 support, 40.00 support, 20.00 support
**Historical Comparison:** null

Intel Corporation (INTC) is shown on a daily chart, currently at 116.88. The chart highlights several large transactions and significant intraday moves, indicating high volatility. The speaker suggests that someone might be taking profits, but the overall trend is still upward. He reiterates that summer months tend to see these types of moves.

### 21. DXY (1D)

**Bias:** NEUTRAL
**Pattern:** range-bound
**Key Levels:** 99.010 current price, 102.455 resistance, 101.595 resistance, 100.275 support, 96.440 support
**Historical Comparison:** null

The US Dollar Index Futures (DXY) is shown on a daily chart, currently at 99.010. The dollar is stuck in the middle, with no significant changes. The chart shows price action within a range, with resistance around 102.455 and support around 96.440.

### 22. SPX (1D)

**Bias:** BULLISH
**Pattern:** upward trend, new high
**Key Levels:** 7,519.11 current price, 7,499.90 resistance, 7,443.05 support, 7,371.16 support, 1,804.91 previous low
**Historical Comparison:** null

The S&P 500 (SPX) is shown on a daily chart, currently at 7,519.11. The speaker notes that the advance-decline line has made a new high, indicating bullish sentiment. He mentions that the market never made a lower low, which is a positive sign. He will discuss the bullish percent index in future videos.

### 23. US500 (2h)

**Bias:** BULLISH
**Pattern:** upward trend, consolidation
**Key Levels:** 7,530.5 current price, 7,585.1 options high level, 7,451.1 options low level
**Historical Comparison:** null

The US 500 Index (US500) is shown on a 2-hour chart, currently at 7,530.5. The chart displays updated options high and low levels. The speaker notes a series of higher highs and higher lows, with the market holding onto the 20-period moving average. He mentions that the market is resilient but waiting for news about Iran and the US.

### 24. NAS100 (2h)

**Bias:** BULLISH
**Pattern:** upward trend, holding 20-period moving average
**Key Levels:** 30,054.2 current price, 29,755.4 support, 29,187.2 support
**Historical Comparison:** null

The US 100 Cash CFD (NAS100) is shown on a 2-hour chart, currently at 30,054.2. The speaker highlights that the market continues to hold the 20-period moving average, indicating a strong upward trend. He emphasizes the importance of watching these levels and subscribing for alerts, especially for the upcoming SpaceX IPO.

### 25. BRK.A/SPY (1M)

**Bias:** NEUTRAL
**Pattern:** divergence
**Key Levels:** 23.77% current ratio, 16.02% previous low, 86.42% previous high
**Historical Comparison:** null

A chart showing the Berkshire Hathaway (BRK.A) to S&P 500 (SPY) ratio on a monthly timeframe. The speaker notes that Berkshire Hathaway had another bad session, going against the S&P 500. He considers this an interesting ratio to track, suggesting that while Buffett might currently be 'wrong' in the market, he could be correct in the long run, especially with the fund stacking massive amounts of cash.

### 26. US30Y (1W)

**Bias:** NEUTRAL
**Pattern:** upward trend, recent decline
**Key Levels:** 5.009% current yield, 5.300% resistance, 4.700% support
**Historical Comparison:** null

The United States 30-Year Government Bonds Yield (US30Y) is shown on a weekly chart, currently at 5.009%. The speaker notes that yields have 'popped down' after everyone went 'haywire' on them. US 10-year, 20-year, and 30-year yields have all declined, pushing treasuries up. He emphasizes that all AI stocks are borrowing, and bonds are getting more expensive, making borrowing power a key factor in the future.

### 27. TLT (1W)

**Bias:** NEUTRAL
**Pattern:** downtrend, approaching bull zone
**Key Levels:** 85.10 current price, 82.92 bull zone, 92.50 resistance, 87.50 resistance
**Historical Comparison:** 2000s levels (2007)

The iShares 20+ Year Treasury Bond ETF (TLT) is shown on a weekly chart, currently at 85.10. The speaker notes that treasuries were at a 'dire level' of 82, which was the 2000s level. He suggests that the market is stepping in, but also warns that bonds will be watched very closely due to pressures from the 30-year, Japanese yields, and credit default swaps. He reiterates that this is the year to watch these factors.

### 28. HYG (1D)

**Bias:** BEARISH
**Pattern:** failed higher high
**Key Levels:** 80.18 current price, 80.98 resistance, 79.50 support
**Historical Comparison:** null

The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is shown on a daily chart, currently at 80.18. The speaker notes that high-yield junk bonds failed to make a higher high, even as the market is going 'wild'. He emphasizes that there are pressures in the bonds, not just with the 30-year and Japanese yields, but also in credit default swaps. He warns that AI stocks are borrowing, and bonds are getting more expensive.

### 29. TAN (1D)

**Bias:** BULLISH
**Pattern:** strong upward trend
**Key Levels:** 68.96 current price, 66.00 resistance, 64.13 support, 60.00 support, 56.00 support
**Historical Comparison:** null

The Invesco Solar ETF (TAN) is shown on a daily chart, currently at 68.96. The speaker notes that solar has been making a series of higher highs and higher lows. He mentions that hardware and semiconductors are the most notable sectors, and he wouldn't have thought hardware would go 'this much more bonkers'. He suggests that while the market might stay in a range, solar is showing strong upward momentum.

### 30. XME (1D)

**Bias:** BULLISH
**Pattern:** upward trend, recent pullback
**Key Levels:** 122.65 current price, 146.26 resistance, 140.07 resistance, 120.00 support, 110.00 support
**Historical Comparison:** null

The State Street SPDR S&P Metals & Mining ETF (XME) is shown on a daily chart, currently at 122.65. The speaker notes that metals stocks had a good last 24 hours, up 4.77%. He mentions that different things are happening in the market, and while software was a bit disappointing, energy sectors also took a 'bath'.

### 31. IGV (1D)

**Bias:** BULLISH
**Pattern:** upward trend
**Key Levels:** 94.05 current price, 106.15 resistance, 100.50 resistance, 89.32 support
**Historical Comparison:** null

The iShares Expanded Tech-Software Sector ETF (IGV) is shown on a daily chart, currently at 94.05. The speaker notes that software was a 'little bit disappointing' in the last session, only up 0.04%, but it's not down. He mentions that energy markets also took a hit.

### 32. XLE (1D)

**Bias:** BEARISH
**Pattern:** downtrend, no new high
**Key Levels:** 57.85 current price, 63.34 resistance, 60.43 resistance, 54.20 support
**Historical Comparison:** null

The State Street Energy Select Sector SPDR ETF (XLE) is shown on a daily chart, currently at 57.85. The speaker notes that energy stocks took a 'bath' due to falling energy prices, but it wasn't as bad as the overall energy drop. He highlights that it's still a series of higher highs and higher lows, but no new all-time high. This is a market being watched very closely, along with oil in general.

### 33. SMH (1D)

**Bias:** BULLISH
**Pattern:** strong upward trend
**Key Levels:** 602.14 current price, 557.40 support, 533.71 support, 523.73 support, 317.99 previous low
**Historical Comparison:** null

The VanEck Semiconductor ETF (SMH) is shown on a daily chart, currently at 602.14. The speaker notes that this market 'seems to just not care about much', being up another 4.5% in the last 24 hours. He describes it as 'wild' and mentions that they also saw activity in copper.

### 34. KOSPI (1D)

**Bias:** NEUTRAL
**Pattern:** upward trend, high volatility
**Key Levels:** 8,278.26 current price, 8,456.64 previous high, 7,870.37 support, 7,040.15 support, 6,800.00 support
**Historical Comparison:** null

The KOSPI Composite Index (KOSPI) is shown on a daily chart, currently at 8,278.26. The speaker notes that KOSPI managed to make a new high but has come down a bit from its peak. He believes the market still has volatility, highlighting the huge volatility seen. He mentions that upgrades on Sandisk also occurred as markets became very volatile.

### 35. SNDK (1D)

**Bias:** BULLISH
**Pattern:** upward trend, high volatility
**Key Levels:** 1,589.55 current price, 1,779.42 resistance, 1,462.31 support, 1,365.98 support, 1,291.72 support, 1,050.87 support
**Historical Comparison:** null

Sandisk Corporation (SNDK) is shown on a daily chart, currently at 1,589.55. The speaker notes that upgrades on Sandisk occurred as the market became very volatile. He emphasizes that there's no downward trend change, still a series of higher highs and higher lows, but with significant volatility. He warns to be careful and pay attention.

### 36. COPPER (2h)

**Bias:** BULLISH
**Pattern:** upward trend, finding buying pressure
**Key Levels:** 6.4365 current price, 6.5638 resistance, 6.3581 support, 6.3120 support
**Historical Comparison:** null

Copper (COPPER) is shown on a 2-hour chart, currently at 6.4365. The speaker notes that copper has picked up, with usable metals finding a bit of buying pressure. He mentions that they did not see the same for gold and silver, which put pressure on their lows.

### 37. XAUUSD (1D)

**Bias:** BEARISH
**Pattern:** downtrend, failing resistance
**Key Levels:** 4,506.46 current price, 4,800.00 resistance, 4,700.00 resistance, 4,501.79 support, 4,400.00 support
**Historical Comparison:** null

Gold Spot / U.S. Dollar (XAUUSD) is shown on a daily chart, currently at 4,506.46. The speaker notes that gold and silver did not see the same buying pressure as copper, putting pressure back on their lows. He describes gold as 'resistance and then failing' at this stage, indicating a bearish bias.

### 38. SILVER (4h)

**Bias:** BEARISH
**Pattern:** downtrend, floating around
**Key Levels:** 76.6954 current price, 82.3858 resistance, 77.9781 resistance, 75.0000 support, 72.5000 support
**Historical Comparison:** null

Silver (SILVER) is shown on a 4-hour chart, currently at 76.6954. The speaker notes that silver is doing the same as gold, just 'floating around' and putting pressure on its lows. He reiterates that they are still watching gold and silver closely.

### 39. SMH/SPY (1D)

**Bias:** BULLISH
**Pattern:** upward trend, higher high
**Key Levels:** 0.8022 current ratio, 0.7776 support, 0.7419 support, 0.6500 support, 0.6000 support
**Historical Comparison:** null

The VanEck Semiconductor ETF (SMH) to S&P 500 (SPY) ratio is shown on a daily chart, currently at 0.8022. The speaker uses this as a check to see if the market is still rallying on correct pretenses. He states that this is the 'backbone of the current rally' and it's making a higher high, indicating that semiconductors are still outperforming the broader market. He concludes that until this changes or new news emerges, there's no reason to go against the earnings, as 'boffins love earnings'.

### 40. ARKK (1W)

**Bias:** NEUTRAL
**Pattern:** range-bound, high volatility
**Key Levels:** 77.23 current price, 83.83 resistance, 80.02 resistance, 76.80 support, 53.74 previous low
**Historical Comparison:** null

The ARK Innovation ETF (ARKK) is shown on a weekly chart, currently at 77.23. The speaker notes that space stocks have gone 'wild', and he might even have to look at a space index. He warns that while there have been hundreds of percent gains, he's seen this happen before, and risk management is crucial. He compares ARKK's trading behavior to a crypto, indicating high volatility and speculative interest.

### 41. BTCUSDT (4h)

**Bias:** BEARISH
**Pattern:** downtrend, lower highs and lows
**Key Levels:** 75,635.42 current price, 79,443.63 previous resistance, 78,906.40 resistance, 76,000.00 support, 74,000.00 support, 72,000.00 support
**Historical Comparison:** null

Bitcoin (BTCUSDT) is shown on a 4-hour chart, currently at 75,635.42. The speaker notes that Bitcoin has not made a higher high and has failed to break through resistance levels around 78,500-79,500. The market continues to navigate a series of lower lows and lower highs, hitting supply and rejecting off it. It's also below the daily 50-period moving average. The speaker observes that many people have moved from crypto to semiconductor and hardware stocks, and questions if this is a warning sign.

### 42. BTCUSDT (1D)

**Bias:** BEARISH
**Pattern:** downtrend, failing to find traction
**Key Levels:** 75,617.99 current price, 79,443.63 previous resistance, 78,000.00 resistance, 76,000.00 support, 74,000.00 support, 72,000.00 support
**Historical Comparison:** null

Bitcoin (BTCUSDT) is shown on a daily chart, currently at 75,617.99. The speaker reiterates that Bitcoin doesn't seem to be finding any traction, even though software stocks (which have been correlated to it) are doing better. He notes that people have moved from crypto to semiconductors and hardware stocks, and questions if this is a warning sign, emphasizing the need to watch price action.

### 43. TSLA (1D)

**Bias:** BULLISH
**Pattern:** upward trend, approaching resistance
**Key Levels:** 433.59 current price, 450.88 resistance, 449.34 resistance, 433.59 support, 429.06 support, 417.40 support, 407.82 support, 398.86 support, 383.99 support
**Historical Comparison:** null

Tesla (TSLA) is shown on a daily chart, currently at 433.59. The speaker notes that Tesla is approaching the 450 level again. He mentions that the price action, flows, and data have shown improvement over the last couple of months. He believes Tesla is getting a benefit from the upcoming SpaceX IPO, and that 450+ will likely be where the gamma 'core wall' comes in, triggering towards that level.

## Regime / Cycle Analysis
The market is currently in a K-shaped economy, where higher-income, skilled, asset-owning groups are thriving, while lower-income groups are struggling. This has led to a disconnect between the stock market and the real economy, with the stock market continuing to rally despite consumer spending falling off for the majority. This divergence is seen as a late-cycle indicator, similar to 2019 and the Global Financial Crisis. The speaker also highlights the importance of earnings and IPOs in driving current market sentiment, with significant flows into semiconductor and hardware stocks. Bond markets are showing pressures, with high-yield junk failing to make higher highs and borrowing costs increasing. VIX seasonality suggests potential volatility increase in the latter half of the year, especially around mid-term elections.

## Key Calls & Predictions
- Watch for more trillion-dollar businesses coming into markets, especially in hardware and semiconductors.
- Pay attention to the largest transactions on individual stocks like Micron, as they can precede market reactions.
- Be aware of the disconnect between the stock market and the real economy, as this is a late-cycle indicator.
- Monitor earnings reports closely, as sustained earnings growth is crucial for the current rally.
- Exercise caution with highly hyped IPOs, as many tend to underperform after initial excitement.
- Watch bond markets, particularly high-yield junk bonds and credit default swaps, for signs of stress due to increasing borrowing costs.
- Be prepared for potential increased market volatility in the summer months and leading up to the election, based on VIX seasonality.
- Implement very careful risk management, especially when considering speculative stocks like space stocks, due to their high volatility and potential for significant downturns.

## All Instruments Mentioned
MU, SPX, SMH, UKOIL, NVDA, INTC, DXY, US500, NAS100, BRK.A/SPY, US30Y, TLT, HYG, TAN, XME, IGV, XLE, KOSPI, SNDK, COPPER, XAUUSD, SILVER, ARKK, BTCUSDT, TSLA, GOOGL, AAPL, MSFT, AMZN, TSM, AVGO, META, SMSN, BRK, LLY, Ford, Google, Microsoft, Cisco, Amazon, Salesforce, Snap, Uber, General Motors, Meta, Twitter, Alibaba, Arm Holdings, Palantir, Reddit, Snowflake, Airbnb, Coinbase, Rivian, Walmart

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*Generated by FX Evolution Monitor on 2026-05-28 20:03:47*