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CPI meets expectations, SPY remains unchanged. Gold, on the other hand, dropped 1.4%, no one is buying the safe-haven logic today.
Looking at the crypto world, FNG drops to 9, extreme fear. The big pancake around 62k, the level of fear feels like it's at 50k. Traders' hearts hit the bottom before the price does.
The US stock market doesn't take it seriously at all. NVDA drops 1%, SOXX is still slowly rising. The two markets' sentiments are now as if in parallel universes.
What I want to say is not that FNG at 9 means it's time to buy the dip. It's when these extreme values appear that it's worth asking: is fear one step ahead of reality, or has the price not caught up with the fear yet?
If SPY doesn't break this week and BTC doesn't make new lows, FNG will come back on its own. The fear index isn't used for trading; it's used to see who stays clear-headed amid panic.