MagicEdge

The MagicEdge screener has completely flipped. Only 35% of assets are still bullish. 296 trends are less than 12 days old, so the market is rewriting itself. Active signals: 159 sell for 95 buy. Sellers are in control. For now.

Yesterday the question was “is $60 Intel’s next stop?” $INTC closed at $59.97. On the Magic Bands, price has crashed through the entire fan and now trades outside it, on the lower side. Rarely has a big tech been this stretched below its averages.

For the first time since the bullish trend began on August 20, $BTC is trading below its Magic Bands cloud. Price at $78K, cloud around $80-81K. Magic Waves at -56, oversold and still falling. The trend is still technically bullish, 74 days in. But it has lost its main support.

A week ago, two thirds of crypto was still in a bullish trend on the Magic Bands. Today: 43%. 161 net flips to the downside in 5 sessions, and the regime has officially turned bearish. The Binance hack didn’t start the move, it accelerated it. Breadth was already fading before.

The biggest crypto hack in history just hit Binance: about $6.3B according to the exchange. $BTC dropped to $78.5K. The trend is still bullish, 71 days in. The difference: Magic Waves just hit -50. Oversold for the first time in this trend. Panic or opportunity?

$SOL is running the same play as $ETH, one step behind. Bullish trend for 70 days, but price at $102 has slipped under the Magic Bands cloud. And unlike ETH, Magic Waves (-44) haven’t turned up yet. The cloud sits around $105. $100 is the line it can’t afford to lose.

$ETH has been in a bullish trend for 82 days. It just slipped under its Magic Bands cloud though. Price is at $2,353, in the lower side of the EMA core. Reclaim the cloud around $2,400 and the trend resets. Fail, and 82 days get questioned.

Only 36% of the market is still bullish. Net flips: -18 over 5 sessions. And 37% of assets are now in the extreme zone, +7.A weak market that’s this stretched rarely stays that way long. Snap back or more downside?

Money is rotating on MagicEdge’s sector map. Healthcare now leads: 59% of names bullish, +10 in 5 sessions. Real Estate +10 too. Tech slips to 44%. Defensives up, tech cooling. Rotation or just a pause?