There are a number of bearish conditions currently on the S&P 500 chart:
1. Death cross (50 day SMA crossing below the 200 day SMA).
2. 10 day EMA has broken and is now acting as resistance.
3. RSI back to neutral levels - room to give.
I am short here and am also selling out-of-the-money calls on the SPY.
If we put the COVID-19 black swan market crash in the rearview here, assuming the worst might be mostly behind us as far as markets are concerned, gold could definitely get back on trend here and make a run for $2000/oz.
Bitcoin is currently accumulating at a level that seems to indicate a price floor for the historical bullish trend, at least using the Coinbase chart as I do. Not a bad time to be stacking Sats here in my opinion.
Oil is nearing a key support level around $16/bbl that stretches all the way back to 2001. If that level fails, there is another key support level ~$10.50/bbl which goes all the back to the late 80's I would have my eye on. I am going to be a speculative long buyer of oil if it breaks $20/bbl.
The S&P 500 is at a critical support level right now. We have already soundly broken the bull market trend we have been in since 2009, and are currently looking for any kind of floor in the index. December 2018's low was an important support level for the market previously, it remains to be seen if this could act as a price floor in the near-term.
Bitcoin, from a technical perspective, is really looking bullish here. We are safely back above the 200 day simple moving average and have also reclaimed a critical short term indicator in the 10 day exponential moving average. The 14 day relative strength index is pointing to a rise in buying pressure, we have a healthy level of RSI here. It looks like to me we...
Bitcoin's 50 day simple moving average line is about to move above its 200 day simple moving average line, which can be seen as an indication of a bullish shift in trend. I like owning Bitcoin right here, in my opinion. Not advice.