According to @KobeissiLetter, the S&P 500 reached 6,600 for the first time and is up 36% from its April 2025 bottom, marking one of the strongest five-month rallies in U.S. history. Source: The Kobeissi Letter on X, Sep 12, 2025. For traders, a fresh SPX all-time high reinforces a risk-on regime where crypto and equities have historically moved more in sync; the IMF documented that BTC–S&P 500 correlations rose markedly during 2020–2021, making it prudent to monitor BTC and ETH beta to equities when stocks surge. Sources: The Kobeissi Letter on X, Sep 12, 2025; International Monetary Fund, Jan 2022, Crypto Prices Move More in Sync With Stocks.

According to Edward Dowd, last week’s rally in the S&P 500 Index (SPX) was not confirmed by the Invesco DB Commodity Index (DBC), as both moved in opposite directions during the same period (source: @DowdEdward, May 5, 2025). This divergence suggests caution for traders relying on cross-asset confirmation, as the lack of commodity support may indicate weaker underlying market momentum in equities. Monitoring SPX and DBC correlation is critical for identifying potential reversals or confirming breakout trends in multi-asset trading strategies.