Yesterday it was evident that bitcoin was the first asset to turn higher and we've seen it again today.

Bitcoin slumped to $36,000 about three-and-a-half hours ago, a short time into US trading. However it quickly steadied and an hour ago made a new high for the day.


Following along with that, US equities have rebounded in the past 20 minutes with the S&P 500 paring a 90-point decline down to 43 points.

Bitcoin is now challenging yesterday's high and that could offer clues on what comes next for US stocks.

In terms of equities though, there was a tidy little consolidation pattern over most of today's session that broke higher.and that's a good signal.

SPX 5 mins
SPX 5 mins