06:58 11/07 UTC — Bearish
Financial markets are under pressure due to political uncertainty and growing skepticism around tech AI expenditure returns. Key benchmarks like SPY are testing technical support levels while crypto markets contend with heavy institutional ETF outflows.
Global equities and US broad market indices are experiencing selloff pressure following political developments and heightened scrutiny around AI infrastructure return on investment. Technical indicators on major index ETFs like SPY show cautious setups as traders watch key support levels. Meanwhile, cryptocurrency markets face headwinds from record multi-week institutional ETF outflows.
Outlook
Bearish · 1-3Days (Medium)
Base — Likely
Broad markets continue to test lower technical support levels as tech capex skepticism keeps buyers cautious.
Bull — Possible
Key support levels on SPY hold, initiating a short-covering rally led by isolated positive earnings guides.
Bear — Possible
Loss of technical support at SPY 733 triggers systemic liquidations across growth stocks and digital assets.
Hot tickers
- SPY Bearish — Traders highlight a three-candle bearish formation and monitor critical 733 support level.
- NVDA Bearish — Social chatter and news highlight AI sector derisking and concerns over hardware replacement cycles.
- IONQ Bullish — Surged 23.42% after raising full-year guidance to $505M-$515M.
- DKNG Bearish — Guidance cut caused stock to drop to 16.55 below its 52-week low before settling at 18.51.
- BTC.X Bearish — BlackRock and other spot ETFs recorded $1.28 billion in weekly outflows, the largest in 19 weeks.
Themes
- AI Capex & Revenue Sustainability Doubts
- Post-Election Sector Re-evaluations
- Crypto ETF Institutional Outflows
Risks
- SPY testing critical 733 technical support level
- Largest crypto ETF outflows in 19 weeks ($1.28B)
- Sharp guidance cuts in discretionary tickers like DKNG
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