The S&P 500's movement appears weak on the surface, but it's actually quite strong; after all, strength and weakness are only determined by comparison.

Outside markets are getting pounded, yet the index only drops symbolically by 0.something percent.

In reality, if other markets have been difficult to trade lately, buying Q or SPY in tranches is actually a solid move. Given crypto traders' tolerance levels, this drawdown can only be called small-level volatility.

But once the environment improves and it starts trending up, the magnitude will be completely different.

I'm convinced.