The NDX is taking a hit today, breaking below its 50-day EMA.
Zooming out, it looks like we are still in a healthy correction territory. The Nasdaq has not tested it's 200 -day EMA since April 2020. Another test of the 200EMA to close out the pandemic seems poetic and ironic. With "inflation" on everyone's tongues and America talking itself into a recession, it is May 4th (May the Fourth be with you jokes aside) and Bitcoin in on-deck. Sooner or later we are going to have to find out if Bitcoin is truly a hedge against inflation like we have heard for so long and today it appears that time is coming sooner... if those red candles keep growing.