Hi YXI friends,

Please review today’s chart analysis of SPY, ETH, BMNR, SBET, NBIS, RKLB, and NFLX.

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DISCLAIMER: This newsletter is intended for educational purposes only. Any information or analysis in this note does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice, nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

While the market sentiment took a big hit after yesterday’s selloff, I remain unperturbed. Why? S&P 500’s volatility is still below its 1-year average.

Typically, if the market spins into a real crash, volatility will rise substantially (see March - April 2025).

The triple selloff across stocks, bonds, and crypto suggests we are in a short-term funding wobble, driven by rising Treasury General Account balances and Japanese bond yields. They are both reversible.

📈 You can access my FREE Volatility Z-score indicator on TrendSpider now.

(https://www.tradingview.com/x/HORNWhdX/)

ETH looks fragile in its recovery, but has so far held above the November and December lows. This comes with a rising volume profile, indicating accumulation. I favour the bottom of the last cycle being in, and we are in the early stages of the next bull run.

(https://www.tradingview.com/x/uPdWqgMf/)

Tom Lee took a lot of heat after the recent shareholder meeting, as the key executives and guest speakers didn’t show up. Moreover, investors seem to be rioting over the $200 million investment into Mr Beast’s Beast Industries.

However, having followed and studied Mr Beast as a content creator, I genuinely believe the investment is a no-brainer. It is also in line with BMRN’s general moonshot strategy alongside its DAT role.

So far, the Tuesday drop stabilised at the key supporting trendline, above the wave ii low. The main resistance to the next rebound is around $36, the anchored VWAP from the October high (just before the liquidation event).

(https://www.tradingview.com/x/kXxc2kMb/)

SBET trades at a discount to its mNAV, although it’s run by two industry veterans from both the Ethereum Network and BlackRock. Its recent price action has shown better relative strength than BMNR.

I favour the low being in here. The next key upside resistance bands are at $12, the anchored VWAP from the October high, and subsequently at $15-16, where the 200-day MA meets a high overhead volume supply.

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(https://www.tradingview.com/x/ZQV6Z2CD/)

NBIS is in a healthy uptrend, having recently broken above the 50-day MA. My next target is around $130 for wave circle-3.

(https://www.tradingview.com/x/vEtUpEd1/)

RKLB, alongside ASTS, benefits from the Space theme, which is heating up amid the potential SpaceX IPO. (Note there is a separate Kalshi bet on whether SpaceX will announce the IPO by July).

RKLB has moved very close to our wave circle-iii target of $106. There is still room for near-term upside as momentum can easily push RKLB to $105-130. However, I would be very careful about setting a strict stop, as the majority of the upside has already been realised.

(https://www.tradingview.com/x/O0XKL1ap/)

NFLX slid 5% after earnings, upon soft guidance. The chart really does not look great, as a previous correction turned into a full-on crash.

The price has now sliced through all the high-volume regions between $80 and $ 130. This means the next set of potential support is in the 60-75 region. I will not be surprised to see it test the 200-day MA.

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