Interesting chart to look at is what happened in 2020 when the Russell 2000 (top 2000 stocks excluding the S&P 500) broke out. We can clearly see what impact that had on the crypto market (Others marketcap). This chart is important bcz it shows that once the S&P 500 has already performed, money starts rotating into lowcap stocks. During that same phase, we also saw the first rotation and breakout in the crypto alts market.

Yesterday, US released non farm payrolls, labor market data NFP and the unemployment rate.

October’s NFP was the lowest since Dec 2020, and the unemployment rate is slowly rising, now back to 2021 levels. Also, the NFP numbers for june and August were revised lower, which means the job market was not just weak, it was weaker than first reported. The economy is not only about jobs, but this kind of data is a clear signal that Fed cannot ignore for long.