SPX is up 0.61% but gold, silver, and crude are getting hammered. The tape is sending mixed signals — here's what I'm watching into power hour.
Morning session split the tape wide open. SPX is grinding higher while commodities are in freefall — gold down nearly 3%, silver down 5%, crude off almost 4%. That's not a risk-off move, that's a dollar-driven flush. DXY at 101.6 and yields actually falling tells me this is positioning unwind, not macro panic.
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Crypto Fear & Greed at 17 (Extreme Fear) while BTC is down nearly 4% to $60,176. I'm not adding to my BTC position here — I want to see stabilization above $59,000 first. My gold position is taking heat but I'm holding with a mental stop at $3,980. Consumer discretionary ripping 2.24% while energy bleeds 2.31% is the real story today — I trimmed my energy exposure at the open when crude couldn't hold $72. Into power hour I'm watching WEN for a flag setup above $7.50 and keeping day trade size at 75% of normal until SPX confirms it wants $7,450.