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Market Closed — opens in 304m

Updated 2026-04-13 04:00:20 ET

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Market Regime

CAUTIOUS

Score reads 70 (Favorable) but regime is CAUTIOUS — breadth at 44% and energy regime SHOCK keeps full risk-on classification at bay.

Leading indicators show energy shock in progress (WTI at $97, watch for margin compression); DIX stable at 0.476; GEX positive at 5.1B (vol-suppressing). Lagging confirmation: VIX at 19.2 (low-fear environment); sentiment reads Bullish; seasonal pattern historically bullish.

Streak: 3d Changed: 2026-04-09 Previously: CAUTIOUS
warning

5Y breakeven inflation at 2.58% — inflation expectations well above Fed target.

25m ago · First fired 1d ago
critical

WTI crude at $96.57 — energy shock territory, stagflation risk rising.

25m ago · First fired 1d ago
warning

3-2-1 crack spread at $38.95/bbl — refining margins extremely elevated, consumer fuel price pressure.

25m ago · First fired 1d ago
warning

Oil market backwardation signal: energy regime SHOCK with crack spread at $38.95/bbl — supply disruption driving spot premium.

25m ago · First fired 1d ago
warning

Sector breadth divergence: wide spread between strongest and weakest sectors — rotation or narrow leadership.

25m ago · First fired 2d ago
warning

Oil spike alert: USO at $124.57 — potential geopolitical disruption or supply shock.

25m ago · First fired 2d ago

70

/100

Signal Health

?

Favorable, with caution

DIX 0.476 8/12
GEX +5.1B 12/12
HY OAS 2.90% 10/10
Breadth 44% 3/8
Vol Term Contango 5/5
Liquidity Expanding 8/8
SPY/ZGL Above 5/5
BTC $71,110 2/3
0DTE PCR 1.18 5/5
Energy SHOCK 3/12
Stagflation 34 6/10
Sectors 3/5 3/5
Correlations SPY/VIX -0.91 0/5

30-Day Score Trend

Bar color tracks score range. Chart populates as daily signals accumulate.

Signal Alignment

?
Mixed
▲ SPY +3.3% 5d
60%

aligned

3 / 2 / 4

agree / disagree / neutral

SPY
Dark
Gamma
Credit
Breadth
Energy
Correlations
Volatility
Inflation
Liquidity

Signals are mixed with no strong directional consensus against price.

Price History

Equity & Macro Board

Equity

Ticker Price RSI IVR GEX PCR
SPY $680.65 68.0 88.1 Bullish 0.58
QQQ $612.31 65.1 86.8 Bullish 0.48
IWM $261.82 71.3 94.8 Neutral 0.98

Macro

Ticker Price RSI IVR GEX PCR
VIX 19.23 34.5 82.1 Bearish 1.35
TNX 43.17 43.2 73.5 - N/A
GLD $436.78 62.4 54.9 Neutral 0.83
DXY 98.65 39.8 56.8 - N/A
SLV $68.83 67.6 27.9 Bullish 0.61

Dark Pool & Liquidity

Dark Pool Activity

Bullish

DIX (Buy Ratio)

0.476

Strong institutional buying in dark pools

GEX (Gamma Exp.)

5.11B

Dealers are long gamma — expect lower volatility and mean reversion

DIX > 0.45 = strong buying. GEX positive = lower vol (mean reversion). GEX negative = higher vol (trend amplification).

Fed Liquidity

Net Liquidity (WALCL - TGA - RRP)

$5,945B

WALCL

$6693.9B

TGA

$748.4B

RRP

$0.5B

Expanding

Rising net liquidity = more cash in system = bullish. TGA/RRP draining = liquidity injection.

Global Liquidity & BTC

BTC (Liquidity Proxy)

$70,831

Neutral

Global CB Balance Sheets

$17,113B

ECB: $6,754B BOJ: $4,414B

BTC tracks global liquidity. Rising CB balance sheets = more liquidity = risk-on.

Volatility & Options

Volatility Structure

MOVE Index (Bond Vol)

72

VIX/MOVE Ratio

0.27

Equity Vol Elevated vs Rates

MOVE > 120 = bond market stress. VIX/MOVE ratio falling = equity vol is cheap relative to rates vol.

0DTE SPY Options

Put/Call Ratio

1.18

No 0DTE Expiry Today

Volume

0 C / 0 P

PCR > 1.0 = more puts (bearish hedging). PCR < 0.7 = complacency. 0DTE volume drives intraday gamma effects.

Gamma Profile (SPY)

Put Wall (Support)

$660

Put Wall SPY $680.65 Call Wall

Call Wall (Resistance)

$658

Dealer gamma hedging creates support at put wall and resistance at call wall. Price between walls = range-bound. Breach = accelerated move.

Credit Conditions

HY OAS Spread

2.90%

Benign

High yield credit spread over Treasuries. Rising = stress.

BBB Spread

1.05%

Normal

Investment-grade corporate spread. Widening = risk aversion.

2s10s Spread

0.50%

Normal (Steepening)

Yield curve slope. Negative = inverted (recession signal).

Credit spreads widen before equities sell off. HY OAS > 5% = distress. Watch BBB for downgrade risk near investment-grade cliff.

SPY/TNX correlation: -0.94 (warning) — stocks and yields diverging — flight to safety dynamics.

Energy & Commodities

Crude Oil

SHOCK

WTI Crude

$96.57

5d: -14.1%

Brent Crude

$95.20

Spread: $-1.37

XLE (Energy Sector)

$56.94

UNG (Nat Gas)

$10.77

Refining & Fuel

3-2-1 Crack Spread

$38.95

Wide (strong refining margins)

RBOB Gasoline

$2.9600/gal

Heating Oil

$3.7600/gal

Crack spread = refiner margin. Wide spreads mean high fuel prices vs crude. Watch for demand destruction signals above $40/bbl.

Signal History

Signal Current 5d Ago Trend
DIX (Dark Pool) 0.48 0.47
GEX (Gamma) 5.11 4.70
HY OAS 2.9% 3.0%
Breadth (50d SMA) 44.5% 44.5%
VIX 19.23 19.80
MOVE Index 72 72
Net Liquidity $5,945 $5,945

Historical Context

Regime Streak

3days

Last Regime Change

2026-04-09

Days Since Critical

0days

Trend arrows compare current values against the 5-day rolling average. Rising DIX + falling HY OAS = improving conditions.

Sector Breadth

Utilities
87%
Favorable
Energy
80%
Favorable
Real Estate
64%
Favorable
Materials
58%
Leaning
Industrials
51%
Leaning
Communication Services
45%
Neutral
Technology
42%
Neutral
Financials
37%
Cautionary
Consumer Staples
32%
Cautionary
Consumer Discretionary
31%
Cautionary
Health Care
24%
Adverse

% of sector stocks above 50d SMA. Wide divergence = rotation risk.

Correlations (20-Day)

Pair Value Normal Status
SPY/VIX -0.914 -0.85 to -0.70 elevated
SPY/DXY -0.915 -0.40 to +0.10 elevated
SPY/TNX -0.935 -0.20 to +0.40 warning
SPY/Oil -0.843 -0.30 to +0.20 warning

Oil shock transmitting into equities — energy stress impacting risk assets.

Macro Fundamentals

10Y Yield

4.32%

Yield Curve (10Y-3M)

0.72

Normal

Dollar Index

98.65

Risk Appetite (XLY/XLP)

1.37

Defensive

Growth vs Value

0.90

Fed Policy

Fed Funds Rate

3.50-3.75%

Next FOMC

2026-04-29

Hold

82.0%

Cut 25bp

13.0%

Market-implied rate probabilities. Rate cuts are bullish for equities and bonds. Source: FRED + CME FedWatch.

Inflation Expectations

Stagflation: MODERATE

5Y Breakeven

2.58%

Above Target

10Y Breakeven

2.36%

5Y5Y Forward

2.14%

Stagflation Score

34/100

TIPS breakeven rates reflect market-implied inflation. 5Y5Y forward = long-run expectations. Score combines breakeven levels and curve inversion.

Seasonality

April

Avg Return +2.14%
Median +1.57%
Win Rate 80%
Historically Bullish

Based on 20yr SPY monthly returns. Seasonality is a weak but persistent signal.

News & Geopolitics

FX News Wire

FXStreet ↗

USD/INR gains strongly as US-Iran failed negotiations lift oil prices

1h ago

EUR/USD holds near 1.1700 despite the deteriorated market sentiment

1h ago

Macroeconomics: Stagflation risks at IMF and World Bank - DBS

1h ago

Gold remains depressed as inflation worries fuel hawkish Fed bets and support USD

1h ago

Turkey Current Account Balance registered at $7.501B above expectations ($-7.5B) in February

1h ago

Turkey Current Account Balance came in at $-7.501B, below expectations ($-7.5B) in February

1h ago

BoJ's Ueda: Rising oil prices worsen Japan's trade

1h ago

Brent: Supply disruption risk supports higher prices - MUFG

1h ago

NZD/USD Price Forecast: Stays near 0.5850 after rebounding from levels near nine-day EMA

1h ago

Equities: Risk-off open expected on US‑Iran setback - Danske Bank

1h ago

Asian stocks drop as US-Iran peace talks break, US closes Hormuz

1h ago

EUR/USD: Market pricing de-escalation hopes - Commerzbank

2h ago

Silver Price Forecast: XAG/USD holds majority losses near $74 as fears of hawkish Fed outlook revives

2h ago

EUR/CAD caps near 1.6200 as Euro struggles due to risk-off mood

2h ago

Pound Sterling bounces off low; GBP/USD lacks follow-through beyond 1.3400 on firmer USD

3h ago

US President Trump: Blockade on Iranian Ports to begin officially on April 13 at 10:00 A.M. ET

3h ago

Saudi Arabia Gold price today: Gold falls, according to FXStreet data

3h ago

AUD/JPY hovers around 112.50 after paring latest losses

3h ago

Philippines Gold price today: Gold falls, according to FXStreet data

3h ago

United Arab Emirates Gold price today: Gold falls, according to FXStreet data

3h ago

20 articles

China urges calm over Hormuz, says talks can ease tensions

46m ago

Iran to impose permanent mechanism to control Hormuz, military spokesman says

1h ago

US naval blockade plan shows lack of strategy, Iran MP says

1h ago

ASEAN urges US, Iran to keep talks going and uphold ceasefire

1h ago

Saudi crude sales to China set to halve in May - Bloomberg

2h ago

Iran executed at least 1,639 people in 2025, NGOs say

2h ago

Iran port blockade to start 10:00 a.m. on April 13, Trump says

3h ago

Japan closely monitoring Middle East developments, official says

3h ago

PetroChina, Qatar discuss regional tensions, oil-gas cooperation

4h ago

Whereabouts of prominent Iranian lawyer unknown 12 days after arrest

5h ago

10 updates

Hormuz Strait Status

Monitor ↗

Throughput

Under 2% of normal daily deadweight tonnage

Ships Transiting

Near zero (normal: ~60/day)

Stranded Vessels

150+ ships including tankers, bulk carriers, and other commercial vessels

Oil Prices

Brent crude surging due to supply disruption

War Risk Insurance

Premiums at extreme levels, over 16x normal rates

Global Impact

21% oil supply 25% LNG trade $4 billion/day cost
+14 days Cape reroute | Tanker rates: tripled

Economic Calendar & Earnings

Today

Economic Releases

Consumer Price Index (CPI)
330.293Prev: 327.460

Earnings

GS
Est: $16.39↑3.5% 30d

Upcoming

Economic Releases

Industrial Production2026-04-16
Retail Sales2026-04-21
Philadelphia Fed Mfg Index2026-04-28
Gross Domestic Product (GDP)2026-04-30
Employment Situation (Payrolls)2026-05-08
Consumer Price Index (CPI)2026-05-12

Earnings

JPMEst: $5.51↑0.2%
2026-04-14
TSLAEst: $0.39↓3.9%
2026-04-22
MSFTEst: $4.09
2026-04-29
GOOGLEst: $2.61↑0.2%
2026-04-29
METAEst: $6.62↑0.3%
2026-04-29
AAPLEst: $1.94↓0.9%
2026-04-30
AMZNEst: $1.65↑0.3%
2026-04-30
NVDAEst: $1.78↓0.2%
2026-05-20
WMTEst: $0.66↓0.1%
2026-05-21