Nightly market recap:

- $SPY $SPX sold down hard today on the whole $NVDA debacle with DeepSeek and what it means for the entire industry, something we had warned you about on Friday. From here we think that $6150-$5800 will be the true range, with a 100 point distribution between $5960-$6060 right here.

- $TLT $TNX bonds rallied as a result of $VIX volatility spikes, only to find responsive sellers in the $88.50 or so level, bringing us back to $88 where a lot of buyers seemed to come in through the day, anchoring us to this price being a potential bottom.

- $IWM small caps surprisingly held off well in face of the $ES selloff, successfully keeping the $2300 upper level of the $2200-$2300 range which might be a reaction to a potential shift in interest rate views and bond price action creating better environments.

- $USO $CL crude oil kept selling off because of two main themes in our view. First is Trump asking for the Saudis to boost production, and also as he calls for interest rates to drop immediately, meaning the economy is actually softer than markets think. 

- $GLD $GDX We warned you about a fade as premiums on gold softened and got us closer to $2770 cutoff level. From here, as it becomes evident that the inflation theme is fading, we expect gold prices to attain that cutoff and even break below it.

- $DXY dollar found aggressive buyers coming in at $107, which became the pivot for when other assets like $BABA and equity risk premiums shifted. We need to see $106-$106.50 key level for a biased reaction.

More details coming in shortly ☕️
#SPY #SPX #NVDA