Just caught the market momentum this week – SPX and NASDAQ both hit record closes, and BTC tagged $76K on the back of it. The correlation between equities and crypto has been pretty tight lately, especially with that softer inflation print we got earlier in the month.

So here's what I'm seeing: S&P 500 closed above $7,100 for the week, NASDAQ broke $24,400, and Bitcoin climbed steadily from the low $70Ks into the mid-$75K range before the weekend. ETF inflows have been solid, and a lot of crypto short positions got squeezed out as geopolitical tensions eased. The energy shock from the Iran situation pushed headline inflation higher, but core CPI came in cooler than expected – that's what really sparked the rally.

The question now is whether this holds or we're looking at a bull trap. Overbought signals are flashing on the daily charts, so I wouldn't be shocked to see a 5-8% pullback if profit-taking kicks in. That said, the macro setup still looks constructive – earnings are coming in decent, and regulatory tailwinds from moves like the CLARITY Act are giving crypto some breathing room. BTC could test $78K-$82K if it clears $76K-$77K cleanly, but watch that $70K support level if sentiment shifts.

Feeling like we're in that consolidation phase where the next big move depends on what earnings season brings and whether this risk-on momentum can sustain into May. Either way, it's worth keeping stops tight and watching the $7,100 level on SPX closely – that's the key to the next leg higher.