# Wall Street Investors Hate This…
**Date:** 2026-06-18  
**Source:** [YouTube](https://www.youtube.com/watch?v=Bj0-lW4BpJA)

## Main Thesis
The market is entering a period of increased volatility due to a new Fed Chair, changes in Fed communication, and high retail investor participation, with potential for further downside in some sectors despite recent gap fills.

## Charts & Technical Analysis

### 1. SPX (daily)

**Bias:** NEUTRAL
**Pattern:** gap fill
**Key Levels:** 7428.99 gap fill, 7420.11 SPX

The SPX chart shows a recent gap fill around 7428.99, which the presenter highlights as a key event. The market is depicted with a meme of Wolverine looking at a picture of Jerome Powell, suggesting Wall Street's focus on the Fed. The presenter notes that Wall Street is considered smart money, but the new Fed Chair's statements are causing some apprehension.

### 2. QQQ (daily)

**Bias:** NEUTRAL
**Pattern:** gap fill
**Key Levels:** 723.38 gap fill, 722.42 QQQ
**Historical Comparison:** meme of Leonardo DiCaprio in Inception discussing 'a bull trap within a bear trap within a dip within a bull market'

The QQQ chart also shows a gap fill around 723.38. The presenter uses an 'Inception' meme to illustrate the complex market sentiment, suggesting a 'bull trap within a bear trap within a dip within a bull market'. This indicates confusion and uncertainty about the market's true direction.

### 3. DRAM1D (daily)

**Bias:** NEUTRAL
**Pattern:** volatility
**Key Levels:** 72.00 resistance, 64.00 support, 69.95 current price

The DRAM1D ETF chart shows significant volatility with large up and down candles. The presenter points out that this volatility is extreme, especially with number one trades coming in across different pairs. This chart is used to emphasize the overall market volatility.

### 4. SPCX (1h)

**Bias:** NEUTRAL
**Pattern:** volatility
**Key Levels:** 220.00 high, 192.00 current price, 140.00 low
**Historical Comparison:** meme of Jerome Powell saying 'Miss me yet?' with a chart showing a market downturn

The SPCX (Space Exploration Technologies Corp) chart, representing a new IPO, displays extreme volatility. The presenter highlights the large price swings and uses a Jerome Powell meme asking 'Miss me yet?' to suggest that the market might be missing the previous Fed Chair's policies. This reinforces the theme of market uncertainty and volatility.

### 5. S&P 500 (1-day % change on a New Fed Chair's First Fed Meeting Day)

**Bias:** BEARISH
**Pattern:** historical performance
**Historical Comparison:** historical data from 1948 to 2020 for various Fed Chairs (McCabe, Martin, Burns, Volcker, Greenspan, Bernanke, Yellen, Powell, Warsh)

This chart shows the S&P 500's 1-day percentage change on the first Fed meeting day of new Fed Chairs, along with forward performance over 3 months. The presenter notes that 1-day changes can be negative, but the 3-month outlook is more critical. The chart indicates that the average 3-month performance following a new Fed Chair's first meeting has often been negative, especially for Warsh, suggesting potential future weakness.

### 6. FOMC participants' assessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate (2026-2028 and Longer run)

**Bias:** NEUTRAL
**Pattern:** dot plot
**Key Levels:** 4.5% target for 2026, 3.5% target for 2028

This chart, known as the 'dot plot', shows FOMC participants' projections for the federal funds rate. The presenter highlights that Fed Chair Warsh has indicated this dot plot might not be available in the future, leading to increased uncertainty. This could result in more market volatility, especially during press conferences. The Fed held inflation target at 2% and is launching five independent task forces, suggesting a new approach to policy.

### 7. S&P 500 Intraday Price Chart - FOMC Press Conference (intraday (1:30 PM to 6:00 PM EDT))

**Bias:** NEUTRAL
**Pattern:** volatility spikes
**Key Levels:** 7080-7120 range

This chart illustrates the S&P 500's intraday price action during the FOMC press conference. The presenter notes that the market initially rallied after the Fed held rates steady (12-0 vote) but then dropped significantly when Warsh indicated he would not submit the dot plot and would be 'dropping forward guidance'. This led to a 'gap fill' scenario, making it difficult for intraday traders unless they were trading ranges.

### 8. SPX / Retail Investors Cash Allocation (monthly (May 1988 - May 2026))

**Bias:** BEARISH
**Pattern:** inverse correlation
**Key Levels:** extreme low level of cash allocation (13%)
**Historical Comparison:** dot-com bubble (2000), 2008 financial crisis, 2018, 2020, 2021

This chart shows the S&P 500 (top) and retail investor cash allocation (bottom) as a 10-month moving average. The presenter highlights that retail investor cash allocations are at near all-time lows, corresponding with high retail trading activity (RTA) not seen since the dot-com boom. This is considered a 'scary' point, as low cash allocation often precedes market downturns, especially when combined with high retail participation.

### 9. SPY - SPDR S&P 500 ETF Trust (weekly (2004-2026))

**Bias:** NEUTRAL
**Pattern:** new number one transactions
**Key Levels:** 120.00, 200.00, 300.00, 400.00, 500.00, 600.00, 700.00, 750.00
**Historical Comparison:** historical volume leaders data back to 2004

The SPY chart shows the largest and fourth-largest dark pool transactions ever recorded near the highs, indicating significant institutional activity. The presenter notes that 'new number ones' on the SPY are rare and suggest that Wall Street might be taking profits, potentially leading to increased volatility. This is especially relevant during OPEX week, where massive expirations are happening.

### 10. QQQ - Invesco QQQ Trust, Series 1 (intraday (6:00 AM - 3:00 PM))

**Bias:** NEUTRAL
**Pattern:** volatility, large transactions
**Key Levels:** 735.00 high, 700.00 low

The QQQ chart shows large transactions near the highs and lows, with significant volatility. The presenter highlights a 'ghost transaction' and notes that OPEX week is causing extreme levels of volatility due to the options market being larger than ever. Expect more volatility on Thursday, which is often more volatile than Friday.

### 11. S&P 500 (daily)

**Bias:** NEUTRAL
**Pattern:** confirmation/divergence
**Historical Comparison:** High Beta Vs Low Volatility, Cyclical Vs Defensive, EW Consumer Discretionary Vs EW Consumer Staples, US Dollar (Inverted), S&P 500 Advance Decline Line, High Yield Bonds Vs Treasury Bond

This chart displays four panels showing various intermarket relationships against the S&P 500. High Beta vs Low Volatility shows risk-on confirmation. Cyclical vs Defensive also shows confirmation. EW Consumer Discretionary vs EW Consumer Staples shows slight improvement in the American consumer, but the presenter questions its realness in a K-shaped economy. The US Dollar (inverted) is still trapped, and the S&P 500 Advance Decline Line is improving. This overall analysis suggests a 'bellwether' of market strength, but with underlying concerns.

### 12. S&P 500 Performance Following a New Fed Chair's First FOMC Meeting (forward 3-month price path)

**Bias:** BEARISH
**Pattern:** historical performance
**Historical Comparison:** historical data from 1948 to 2020 for various Fed Chairs (McCabe, Martin, Burns, Volcker, Greenspan, Bernanke, Yellen, Powell, Warsh)

This chart shows the S&P 500's performance following a new Fed Chair's first FOMC meeting. The presenter notes that the market is on a 'timer' for the next three months, which could be negative. This aligns with mid-term election years, where Q3 is often volatile. The lack of a dot plot and forward guidance from the Fed could lead to increased market uncertainty and potential VIX spikes if seasonality holds.

### 13. Technology - Earnings Estimates (monthly (Jan 2025 - Jul 2026))

**Bias:** BULLISH
**Pattern:** upward trend in estimates
**Key Levels:** 2025 EPS: $168, 2026 EPS: $292, 2027 EPS: $336

This chart shows technology earnings estimates for 2025, 2026, and 2027. The presenter emphasizes that 'earnings, earnings, earnings' and 'IPOs, IPOs, IPOs' are driving the market. Earnings estimates have been consistently upgraded by 'boffins' (analysts), indicating strong performance in the tech sector. This suggests that earnings will be crucial for the market's direction.

### 14. GLD - Gold ETF / Net Flows (3-Months) (daily)

**Bias:** BULLISH
**Pattern:** capitulation
**Historical Comparison:** historical data showing past gold bottoms coinciding with flow capitulation

This chart shows the GLD Gold ETF price and 3-month net flows. The presenter highlights 'capitulation' in gold flows, which historically has coincided with gold bottoms. This is seen as a good sign for gold, despite recent price drops. The presenter emphasizes the importance of 'price action, flows, data' for informed decisions.

### 15. Gold Seasonality (monthly (1974-2020))

**Bias:** NEUTRAL
**Pattern:** seasonal trends

This chart illustrates the seasonal trends for gold. The presenter notes that the recent price action aligns with seasonal patterns, suggesting that gold's structure still needs improvement but is showing positive signs. This chart reinforces the idea of seasonality influencing market movements.

### 16. Bitcoin ETF Flows (US$m) (daily (Dec 2023 - Jun 2026))

**Bias:** BEARISH
**Pattern:** dumping flows
**Key Levels:** 50,000 threshold for potential tactical top

This chart shows Bitcoin ETF flows, which have been 'dumped through' to the worst flow levels ever seen for Bitcoin. The presenter notes that both gold and Bitcoin (often considered digital gold) are experiencing significant outflows, which is an interesting correlation.

### 17. Bitcoin ETF Flow (US$m) (daily (May 2026 - Jun 2026))

**Bias:** BEARISH
**Pattern:** negative flows

This table provides detailed daily Bitcoin ETF flow data. The presenter quickly notes that there's been 'slight more positive' coming through, but it was negative in the last 24 hours, indicating continued weakness in Bitcoin flows.

### 18. VIX Seasonality (2004-2024) (monthly)

**Bias:** NEUTRAL
**Pattern:** seasonal volatility

This chart shows the VIX seasonality, highlighting that June and July are often 'the calm' before 'the storm' in the next earnings season (August-September). The presenter warns that with a new Fed Chair, no dot plot, and potentially less forward guidance, the market could see increased volatility and VIX spikes.

### 19. DXY (daily)

**Bias:** BULLISH
**Pattern:** upward move
**Key Levels:** 100.410 resistance, 103.810 next resistance

The DXY (US Dollar Index) chart shows an upward movement, with the presenter noting that the dollar has moved to the upside. If the DXY closes above 100.410, it could bring the market to the next equilibrium level, suggesting continued dollar strength.

### 20. US02Y - US Government Bonds 2 Yr Yield (weekly)

**Bias:** BULLISH
**Pattern:** upward move
**Key Levels:** 4.168% current yield, 4.213% resistance

The US 2-year yield chart shows it's almost about to make a new high, indicating upward pressure on short-term yields. This aligns with expectations of a potential rate hike by the end of the year.

### 21. US10Y - US Government Bonds 10 Yr Yield (weekly)

**Bias:** BULLISH
**Pattern:** upward move
**Key Levels:** 4.461% current yield, 4.500% resistance

The US 10-year yield chart shows it's a little behind the 2-year yield but still moving upwards, reinforcing the hawkish sentiment in the bond market.

### 22. US30Y - US Government Bonds 30 Yr Yield (daily)

**Bias:** BEARISH
**Pattern:** declining trend
**Key Levels:** 5.005% resistance, 4.912% current yield

The US 30-year yield chart shows a declining trend, contrasting with the shorter-term yields. The presenter questions whether the Fed or the market itself is driving this, suggesting that the market might be 'smelling out some weakness' and anticipating future rate cuts. This is an interesting divergence in the yield curve.

### 23. SMH/SPY (daily)

**Bias:** NEUTRAL
**Pattern:** upward trend, potential drop
**Key Levels:** 0.8421 current ratio, 0.7850 support

The SMH/SPY ratio chart, representing semiconductors relative to the broader market, shows an upward trend. The presenter notes that this is a crucial chart as the US economy is currently driven by AI and CapEx spend. A drop in this ratio would be a 'problem', indicating weakness in the core drivers of the economy.

### 24. NAS100 (2h)

**Bias:** NEUTRAL
**Pattern:** gap fill, volatility
**Key Levels:** 29,678.4 resistance, 30,098.6 current price

The NAS100 chart shows a drop below the 2-hour 50 exponential moving average and a rebound off a gap. The presenter notes that the market hit a resistance level, bounced, dropped below, and is now likely at the end of the 50 exponential moving average's 'pretty awesome run'. The market filled the gap, which is technically good, but a new higher high followed by a pull back to a new gap could indicate strong market action.

### 25. US500 (4h)

**Bias:** NEUTRAL
**Pattern:** gap fill, options levels
**Key Levels:** 7494.4 high level, 7447.7 low level, 7348.1 lower low level

The US500 chart shows that the gap was filled, coinciding with the options low level for the session. The presenter notes that the market also hit the anchored VWAP, which helped solidify this level's importance. There's a correlation between gap fills, VWAP, and options levels, but these levels might be manipulated by the OPEX (massive options expiration).

### 26. NET GEX All Expirations for SPX (Timestamp: 2026-06-17 16:14 EST)

**Bias:** NEUTRAL
**Pattern:** put/call distribution
**Key Levels:** 7700 call resistance, 7495 HVL, 7200 put support, 7421 spot price

This chart shows the Net GEX (Gamma Exposure) for all SPX expirations. The presenter highlights that puts are out again, with 7400 and 7380 being well-struck zones. This indicates that the market is trying to hold above these levels, but the situation is getting confusing as Friday approaches, suggesting potential 'shenanigans' in the options market.

### 27. NET GEX Multi Expirations for SPX (Timestamp: 2026-06-17 16:14 EST)

**Bias:** NEUTRAL
**Pattern:** put/call distribution
**Key Levels:** 7350 and 7400 most well-struck zones

This chart shows the Net GEX for multi-expirations for SPX. The presenter reiterates that 7350 and 7400 are the most well-struck zones, reinforcing the idea that the market is trying to hold above these levels. This chart further emphasizes the importance of options levels in influencing market direction, especially as expiration approaches.

### 28. NET GEX All Expirations for QQQ (Timestamp: 2026-06-17 15:59 EST)

**Bias:** NEUTRAL
**Pattern:** put/call distribution
**Key Levels:** 735 call resistance, 732.5 HVL, 700 put support, 722.5 spot price

This chart shows the Net GEX for all QQQ expirations. The presenter highlights 700 and 720 as key levels for puts, indicating significant support. The spot price is around 722, suggesting that these levels are currently in play and influencing market behavior.

### 29. NET GEX All Expirations for TSLA (Timestamp: 2026-06-17 15:59 EST)

**Bias:** NEUTRAL
**Pattern:** put/call distribution
**Key Levels:** 420 call resistance, 392.5 HVL, 380 put support, 396.4 spot price

This chart shows the Net GEX for all TSLA expirations. Tesla is hovering around 400-380, with rumors swirling about its future and potential mergers with SpaceX. The presenter asks for viewer opinions on whether a 3-4 trillion dollar business could be created, indicating high speculation around Tesla's future.

### 30. NET GEX All Expirations for IBIT (Timestamp: 2026-06-17 15:59 EST)

**Bias:** NEUTRAL
**Pattern:** put wall, rejection
**Key Levels:** 45 call resistance, 37 HVL, 35 put support, 36.30 spot price

This chart shows the Net GEX for all IBIT expirations. The presenter highlights a strong 'put wall' at 35, which helped Bitcoin hold its ground. However, it has rejected the daily 20, and is synergizing with gold, suggesting that gold might be an important indicator for Bitcoin's future.

### 31. US02Y - US Government Bonds 2 Yr Yield (daily)

**Bias:** BULLISH
**Pattern:** slight hike increase
**Key Levels:** 4.168% current yield, 4.400% resistance

The US 2-year yield chart shows a slight hike increase, as the market now expects a rate hike. The presenter notes that while the Fed's forward guidance is less clear, the market is still pricing in potential rate increases.

### 32. XLI - State Street Industrial Select Sector SPDR ETF (weekly)

**Bias:** BULLISH
**Pattern:** upward trend
**Key Levels:** 179.60 current price, 177.29 support

The XLI chart shows an upward trend, with the presenter noting that the Fed has been a 'blunt weapon' for a long time, and interest rate cuts/hikes are not very effective when everyone knows what's coming. This suggests that the market is moving based on other factors, and XLI is holding up well despite volatility.

### 33. XLI - State Street Industrial Select Sector SPDR ETF (daily)

**Bias:** NEUTRAL
**Pattern:** gap up, rejection
**Key Levels:** 179.60 current price, 176.96 support

The XLI daily chart shows a gap up from Monday's session, with a couple of rejections at higher levels. The presenter notes that it's 'not okay if you don't like vol', indicating continued volatility in the industrial sector. Despite rejections, it's still holding above Monday's levels.

### 34. XLF - State Street Financial Select Sector SPDR ETF (daily)

**Bias:** NEUTRAL
**Pattern:** small rejection, holding up
**Key Levels:** 54.05 current price, 51.98 support

The XLF chart shows a small rejection but is still holding above Monday's levels. The presenter notes that some markets are showing different signs but are still holding up, suggesting a mixed picture across sectors.

### 35. COPPER (daily)

**Bias:** NEUTRAL
**Pattern:** trapped in a range
**Key Levels:** 6.6676 resistance, 6.1710 support, 6.4052 current price

The Copper chart shows it's still trapped between resistance and support levels. The presenter notes that it's one of the most important metals in the world, and its current consolidation indicates uncertainty about its next directional move.

### 36. SILVER (4h)

**Bias:** BULLISH
**Pattern:** gap fill, demand zone bounce
**Key Levels:** 69.5050 current price, 65.0000 demand zone

The Silver chart shows it filled a gap off the weekend, pulled back to a VWAP and a demand zone, and found some buying. This indicates improving structure for silver, correlating well with gold.

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

**Bias:** BULLISH
**Pattern:** gap fill, demand zone bounce
**Key Levels:** 4323.65 current price, 4200.00 demand zone

The Gold chart shows it dropped to the expected level, filling a small gap and bouncing off a demand zone and VWAP. This indicates improving structure for gold, similar to silver.

### 38. XAUUSD - Gold Spot / U.S. Dollar (daily)

**Bias:** NEUTRAL
**Pattern:** downward trend, potential improvement
**Key Levels:** 4324.80 current price, 4400.00 resistance

The Gold daily chart shows that while the higher timeframe trends remain down, it's starting to show encouraging first signs of improvement. The daily 20 moving average is still down, but the price action suggests a potential shift.

### 39. XAUAUD - Gold / Australian Dollar (daily)

**Bias:** NEUTRAL
**Pattern:** downward trend, rejection of 20MA
**Key Levels:** 6148.660 current price, 6600.00 resistance

The Gold/AUD chart shows a clear downward trend, with multiple rejections off the 20 moving average. The presenter notes that while it's starting to improve, there's still work to be done technically, as it remains in a downward trend on higher timeframes.

### 40. XAUAUD - Gold / Australian Dollar (weekly)

**Bias:** BULLISH
**Pattern:** big rejection, sweeping stop-losses
**Key Levels:** 6148.653 current price, 5900.00 previous stop-loss levels

The Gold/AUD weekly chart shows a big rejection after sweeping previous stop-loss levels around 5900. This is seen as an encouraging sign, as it indicates a potential exhaustion of selling pressure.

### 41. GDX - VanEck Gold Miners ETF (daily)

**Bias:** NEUTRAL
**Pattern:** supply, potential consolidation
**Key Levels:** 84.36 current price, 90.00 resistance

The GDX (Gold Miners ETF) chart shows that supply was initially too much, leading to a drop. The presenter notes that it has come up very quickly and will likely find resistance. It may drop or consolidate, but a break above 90 would be a positive sign, suggesting the downward trend might be ending.

### 42. USOIL - CFDs on Crude Oil (WTI) (daily)

**Bias:** BEARISH
**Pattern:** still down, big rejection
**Key Levels:** 76.943 resistance, 75.564 current price

The USOIL daily chart shows it's still down, with a big rejection. The presenter notes that while some thought it found its bottom, there's no structure on the left-hand side to support that. The market is accelerating downwards but not yet in full panic sell mode.

### 43. USOIL - CFDs on Crude Oil (WTI) (4h)

**Bias:** BEARISH
**Pattern:** accelerating downwards
**Key Levels:** 76.943 resistance, 75.577 current price

The USOIL 4-hour chart reinforces the daily view, showing the market accelerating towards the downside. The presenter emphasizes that it's not yet in full panic sell, but the trend is clearly bearish.

### 44. XLE - State Street Energy Select Sector SPDR ETF (daily)

**Bias:** BEARISH
**Pattern:** dropped below support
**Key Levels:** 54.67 current price, 56.00 previous support

The XLE (Energy Select Sector SPDR ETF) chart shows it has dropped below a previous number one transaction level (56.00) that held for ages. This suggests that energy might take a while to pick back up, and the presenter will be watching the barrel price for further clues.

### 45. SMH/SPY (daily)

**Bias:** BEARISH
**Pattern:** new low, underperformance
**Key Levels:** 0.0871 current ratio, 0.0900 resistance

The SMH/SPY ratio chart shows a new low being formed, indicating underperformance of semiconductor companies relative to the broader market. The presenter notes that Wall Street is not 'stupid' and is buying things that make money, but if there's an oversupply of hardware, prices could drop, creating a 'significant problem'.

### 46. ORCL - Oracle Corporation (daily)

**Bias:** NEUTRAL
**Pattern:** drop after rally
**Key Levels:** 183.53 current price, 212.42 resistance

The Oracle chart shows a drop after a significant rally. The presenter notes that Oracle is important from the credit default swap side, as they need to be paid by OpenAI. If they don't get paid, it could be 'spicy', indicating potential risks for the company and the broader tech sector.

### 47. RSP - Invesco S&P 500 Equal Weight ETF (daily)

**Bias:** NEUTRAL
**Pattern:** higher highs, higher lows, weakening
**Key Levels:** 208.99 current price, 216.00 high

The RSP (Equal Weight S&P 500 ETF) chart shows it's still holding higher highs and higher lows, but has weakened a little over the last 24 hours. This indicates that while the broader market is still in an uptrend, the equal-weighted approach is showing some signs of fatigue.

### 48. IWM - iShares Russell 2000 Index Fund (daily)

**Bias:** NEUTRAL
**Pattern:** pullback after thrust
**Key Levels:** 289.88 current price, 295.72 high

The IWM (Russell 2000) chart shows a pullback after an initial extreme thrust, but it's still holding relatively well. This suggests that small-cap stocks are maintaining some strength despite recent volatility.

### 49. KOSPI - KOSPI Composite Index (daily)

**Bias:** BULLISH
**Pattern:** new high
**Key Levels:** 8886.90 current price, 9151.24 high

The KOSPI (South Korean Composite Index) chart shows it's cracking a new high, indicating strong performance in the South Korean market. This suggests that hardware and semiconductors are still holding up globally.

### 50. SMH - VanEck Semiconductor ETF (daily)

**Bias:** NEUTRAL
**Pattern:** higher highs, higher lows, increased volatility
**Key Levels:** 623.97 current price, 640.00 high

The SMH (Semiconductor ETF) chart shows it's still holding higher highs and higher lows, but with increased volatility. The presenter notes that if it drops the 20 moving average or some of this volatility, that would be a significant story, but for now, the trend remains intact.

### 51. BTCUSDT - Bitcoin / TetherUS (daily)

**Bias:** BEARISH
**Pattern:** downward trend, rejection of 20MA
**Key Levels:** 64482.01 current price, 60010.99 support

The Bitcoin chart shows a downward trend, with a rejection of the daily 20 moving average. The presenter emphasizes that it takes 'market structure' to stop a freight train, and Bitcoin is still in a downward trend technically. They are waiting for proper structure to form before making a bullish call.

## Regime / Cycle Analysis
The market is in a volatile regime, influenced by the new Fed Chair's communication changes (removal of dot plot, less forward guidance), leading to increased uncertainty. Retail investor participation is at extreme highs, coinciding with low cash allocations, which historically precedes market downturns. There's a K-shaped economy, and the market is transitioning from a software-driven phase to a hardware-driven phase (AI and CapEx spend). Intermarket analysis shows mixed signals, with some risk-on confirmations but also divergences in yields and underperformance in certain sectors. The upcoming Q3 and mid-term election news cycle are expected to bring more volatility.

## Key Calls & Predictions
- Expect increased market volatility, especially during Fed press conferences.
- Watch for potential VIX spikes, particularly during the next earnings season (Q3).
- Monitor semiconductor and hardware stocks closely, as they are key drivers of the current economy; a drop in these could signal broader market problems.
- Be cautious of low retail investor cash allocations and high retail trading activity, as this has historically preceded market downturns.
- Pay close attention to earnings reports, as they will 'make or break' the market.
- Look for proper market structure to form in Bitcoin before expecting a reversal from its current downward trend.

## All Instruments Mentioned
SPX, QQQ, DRAM1D, SPCX, S&P 500, FOMC participants' assessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate, S&P 500 Intraday Price Chart - FOMC Press Conference, SPX / Retail Investors Cash Allocation, SPY - SPDR S&P 500 ETF Trust, QQQ - Invesco QQQ Trust, Series 1, High Beta Vs Low Volatility, Cyclical Vs Defensive, EW Consumer Discretionary Vs EW Consumer Staples, US Dollar (Inverted), S&P 500 Advance Decline Line, High Yield Bonds Vs Treasury Bond, S&P 500 Performance Following a New Fed Chair's First FOMC Meeting, Technology - Earnings Estimates, GLD - Gold ETF, Gold Seasonality, Bitcoin ETF Flows (US$m), VIX Seasonality (2004-2024), DXY, US02Y - US Government Bonds 2 Yr Yield, US10Y - US Government Bonds 10 Yr Yield, US30Y - US Government Bonds 30 Yr Yield, SMH/SPY, NAS100, US500, NET GEX All Expirations for SPX, NET GEX Multi Expirations for SPX, NET GEX All Expirations for QQQ, NET GEX All Expirations for TSLA, NET GEX All Expirations for IBIT, XLI - State Street Industrial Select Sector SPDR ETF, XLF - State Street Financial Select Sector SPDR ETF, COPPER, SILVER, XAUUSD - Gold Spot / U.S. Dollar, XAUAUD - Gold / Australian Dollar, GDX - VanEck Gold Miners ETF, USOIL - CFDs on Crude Oil (WTI), XLE - State Street Energy Select Sector SPDR ETF, ORCL - Oracle Corporation, RSP - Invesco S&P 500 Equal Weight ETF, IWM - iShares Russell 2000 Index Fund, KOSPI - KOSPI Composite Index, SMH - VanEck Semiconductor ETF, BTCUSDT - Bitcoin / TetherUS, NVDA, AVGO, MU, GOOGL, AMZN, TSLA, LLY, AMD, INTC, ORCL, MSFT, AAPL, BAC, JPM, WFC, GE, CAT, RTX, XOM, CVX, JNJ, MRK, UNH, VRTX, SNDK, MAGS

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*Generated by FX Evolution Monitor on 2026-06-18 20:01:02*