There's still risk to the downside for the Nasdaq-100, says Fairlead's Katie Stockton

• S&P 500 has broken below its 50-day moving average, with weekly MACD sell signals suggesting intermediate-term corrective price action.
• Nasdaq 100 is already in correction territory, with further downside risk (5-6% below current levels) and it's too early to buy the AI trade dip.
• Bitcoin shows signs of long-term downside exhaustion and improving short-to-intermediate term momentum, with a new tactical Bitcoin ETF (BNAV) launched today.
• Crude oil is expected to make a higher low above $67, with long-term indicators suggesting a different, more constructive environment.

Katie Stockton discusses a persistent consolidation phase for the S&P 500 and significant downside risk for the Nasdaq 100, suggesting more corrective action for equities. Conversely, she sees signs of long-term downside exhaustion and improving short-term momentum for Bitcoin, coinciding with the launch of her new tactical Bitcoin ETF (BNAV). Crude oil is also showing signs of a potential higher low.