As the S&P 500 narrowly closed at a record high, here are the three market themes that macro strategist Boris Schlossberg of BK Asset Management will be watching.
1. Bitcoin bonanza
Bitcoin surged to yet another all-time high in late Wednesday trading, crossing the $2,500 mark for the first time, according to CoinDesk data. The volatile digital currency has now roughly doubled in the past month, and Schlossberg sees further upside for the currency that's enjoyed a "parabolic" rise.
Now that bitcoin has broken through $2,500, "there's a very strong chance that it's going to zero in on the $3,000 level, which is going to create a massive amount of retail awareness in Bitcoin," Schlossberg said Wednesday on CNBC's "Trading Nation."
"I'm going to be watching that very carefully to see how it trades over the next day or two," he added.
Schlossberg said in an interview with CNBC earlier this month that he considers bitcoin a wise hedging play for equity investors.
2. Dollar Tree earnings
Dollar Tree is set to report earnings before Thursday's opening bell, and Schlossberg will be closely watching the quarterly results, as "it's one of those retailers that seems to be immune to the Amazon effect."
"As a matter of fact, it's one of those retailers that is actually expanding its store base, and I'm going to be watching not only their earnings to see how well they've done this quarter, but to see if they're really going to increase their store base over the next coming quarters," he added.
Such a forecast, Schlossberg said, would indicate the chain has "strong faith in the comeback of the U.S. consumer."
Analysts are forecasting earnings of 98 cents per share, per FactSet data; the median price target on the now-$78 stock is $90. The stock has advanced just more than 1 percent year to date.
3. $50 oil
OPEC and nonmember oil producers are set to meet Thursday in Vienna to discuss crude supply. Schlossberg will be watching oil prices, as they may be impacted by decisions made at the meeting. Crude recently resumed trading above the technically significant $50 per barrel level.
"It's going to be very interesting to see if they're going to be able to issue a statement that will curtail production and make sure that oil remains above that $50 a barrel level as we go forward," he said.
Oil settled slightly lower on Wednesday ahead of the meeting.
Specifically, he noted that the oil-tracking USO exchange-traded fund has moved into "technical resistance," and planned to use options to bet on a short-term drop for the fund.