Market Sentiment

Driven by real yields and the dollar. Falling real rates and a softer dollar are the classic tailwind.

Half precious metal, half industrial. Tracks gold on macro but takes its cue from manufacturing demand at the margin.

Long-duration growth, so it is the most rate-sensitive index. Rate-cut expectations move it before earnings do.

The broad risk gauge. Breadth matters more than the index level when judging whether a move has support.

A rate differential story: the dollar strengthens when the Fed is expected to stay tighter than everyone else.

Trades as a high-beta risk asset most of the time. Liquidity conditions matter more than any crypto-specific news.

Supply politics against demand expectations. OPEC decisions and inventory data dominate the short term.

Follows the gap between what the ECB and the Fed are expected to do next. Read it alongside the dollar index.