According to Eric Balchunas, SPY recorded its best single-day performance since May, fully erasing the losses triggered by the previous Friday's jobs report selloff. This significant rebound in SPY indicates heightened investor confidence, which may positively impact correlated crypto assets given the historical linkage between equity market sentiment and cryptocurrency trading momentum. Source: Eric Balchunas.

According to Eric Balchunas, SPY is rallying again following strong April jobs growth, marking a potential ninth consecutive day of gains and a cumulative 15% rise since Black Monday on April 7th (source: Eric Balchunas on Twitter, May 2, 2025). This sustained uptrend signals strong bullish sentiment in the S&P 500 ETF, with traders watching closely for a breakout continuation and monitoring key resistance levels. The positive correlation between economic data and equity performance reinforces risk-on appetite among market participants.