Market check: Nasdaq falls, U.S. dollar poised to rise, bitcoin down

Yahoo Finance’s Jared Blikre breaks down how markets opened on Thursday.

Video Transcript

BRAD SMITH: Everyone here. There's a live shot-- a little time lapse--

BRIAN SOZZI: That's cool.

BRAD SMITH: --action--

BRIAN SOZZI: Love it.

BRAD SMITH: --outside of the New York Stock Exchange, right down there on Wall and Broad. Let's get on over to the inside of the New York Stock Exchange. On the floor, we've got Yahoo Finance's own Jared Blikre. Jared, what are you seeing today in this early activity?

JARED BLIKRE: Not seeing you here. I mean, you used to sit right over there. Sometimes, I could see you out of the corner of my eye. I'm looking at the S&P 500 on the YFi Interactive today. And we've had three small down days. We don't know how today's closed just yet, but I just want to give the perspective. It really doesn't matter what happens until we clear 4,200. That's kind of a line in the sand here.

Also taking a look at bond market volatility, the MOVE Index shot up yesterday. Now this is reported on a closing basis, so we don't have today yet. But you can see that green candle on the right. We want to pay attention to that.

And also, the dollar. Sozzi, some great comments in the chat. Microsoft lowering their guidance, noting effects headwinds. Just had a great conversation with the HPE exec. Here is the US dollar. Now you can see, the longer term trend is definitely up here. On a short-term basis, it is down. But yesterday-- I don't want to belabor the point, but I went through a lot of charts on the dollar yesterday.

And my thesis remains, I think we bumped up against some key resistance here. Probably going to take a breather, but long-term, we could be heading much, much higher. So maybe expect more of the same. But I'll tell you what, the dollar is a non-trending asset. It does tend to [INAUDIBLE] revert enough. So I think we have a situation where we're kind of in the clear for now.

Also want to check out WTI crude oil because I'm not sure what the news here is on OPEC, but it looks like they're standing pat. This is a year to date chart. And look at this trend right here. For all the rumors that we have heard about increasing the supply, maybe Russia is going to be allowed to pump more.

The fact is, OPEC+ was not able to achieve their target last month, 2.7 million barrels short. So the trend is up in crude oil. And if the dollar is holding pat, that is not a headwind for it. So we've got to take care to look at these commodity prices, which are surging, except for lumber. We took care of that yesterday, too.

BRIAN SOZZI: Oh, indeed, we did. All right, Jared, Bitcoin, I know you are an avid watcher. Do we have an all clear sign there?

JARED BLIKRE: I don't know if it's all clear, but I'm encouraged by the price action. We're still-- we've had some fake-outs to the downside, some fake-outs to the upside. And let's take a check of our crypto heatmap here. You can see there's a lot of red. It's down 6%. But it is in what I would call a holding pattern.

Here is a one-month chart. And you can see this is nothing but sideways action here. So I want to get above 35,000. I think that will be the beginning. I'm not going to call that an all clear. I'll call that at a later date, but I'm going to say that's the beginning of some very bullishness that I would have on my part.

BRIAN SOZZI: Jared Blikre, thanks so much.