Current regime:

> Gold down
> Oil down
> $BTC down
> Semis/MAG7 down
> $SP500 down/flat
How does that make sense?
Simple: in the current market environment all these moves are based on the same thing:
The $DXY jumped rapidly this week and a strong dollar means that it drags down everything what is priced against it…
All while the Fed turned hawkish (evidently as 2Y yield grinding higher, repricing hikes (=> currently 50% for two hikes this year) which drains additional liquidity.
As gold is falling too, it gives us the important hint that this is NOT a fear/growth-scare move though (otherwise gold would rise then), but real tightening.
So basically just two things to watch from here going forward: the DXY & the US 2Y yield. As long as both are rising, gold/BTC/oil will stay under pressure & risk asset performance is more likely to deteriorate further than to recover.
Important to say (as vola is high): This is a read on the current regime, not a permanent call ofc, I think (as mentioned in my last update) we're far more reliant on Macro data prints now, so tomorrows PCE will already be the first test of that thesis: Good data might dump the DXY and help our risk-assets to bounce and vice versa.