Stocks and bitcoin head in opposite directions

The S&P 500 has rebounded into positive territory, up 0.2% after opening lower. Tech is leading the way with the Nasdaq Composite up 0.3% while the Russell 2000 remains down 0.5%. Top performers include Expedia, Costco and Netflix.

Laggards include American Airlines, Amazon and Walgreens.

Nvidia initially opened lower but has helped to turn the market and is up 1.9% ahead of tomorrow’s earnings report.

In general, there is a tight correlation between the Nasdaq and bitcoin but that’s broken down today. Bitcoin is near a session low and down 2.4% in a fade after last Wednesday’s break higher.

At times, bitcoin has led sentiment in equities so keep a close watch.

This article was written by Adam Button at www.forexlive.com.