Global Macro Risk Matrix

Daily regime nowcasting · Inspired by 42 Macro · @ADZO
Last updated: 10 Apr 2026, 08:50 AM
GOLDILOCKS
27 of 36 signals bullish (75.0%)
Risk-On regime with low inflation. Growth is strong, inflation contained, central banks accommodative. Equities and credit favoured.
Regime Gauge
DEFLATION
INFLATION
TRANSITION
REFLATION
GOLDILOCKS
0% Bearish 50% Mixed 100% Bullish
Equities BULL
6/6 bullish (100%)
Volatility BULL
3/3 bullish (100%)
Commodities NEUTRAL
3/6 bullish (50%)
Currencies BULL
5/7 bullish (71%)
Fixed Income NEUTRAL
4/7 bullish (57%)
Yield Curve NEUTRAL
1/2 bullish (50%)
Risk Indicators BULL
5/5 bullish (100%)
Signal Matrix
Variable Signal Price vs 20DMA 5D Change Group
Equities
S&P 500 (ES) 6,824.66 +3.48% ▲ Improving Equities
Nasdaq 100 (NQ) 25,082.09 +3.81% ▲ Improving Equities
Russell 2000 (RTY) 2,636.31 +5.08% — Unchanged Equities
Nikkei 225 56,308.42 +5.32% — Unchanged Equities
Shanghai Composite 3,995.00 +0.63% ▲ Improving Equities
Euro Stoxx 50 5,913.37 +4.28% ▲ Improving Equities
Volatility
VIX 19.49 +23.26% — Unchanged Volatility
VXN (Nasdaq Vol) 23.50 +16.51% — Unchanged Volatility
MOVE Proxy (TYX) 4.8970 +0.11% ▲ Improving Volatility
Commodities
Crude Oil (WTI) 98.52 -0.19% ▼ Deteriorating Commodities
Gold (XAU) 4,783.20 +1.88% ▲ Improving Commodities
Silver (XAG) 75.36 +1.87% ▲ Improving Commodities
Copper 5.7500 +3.07% — Unchanged Commodities
Wheat 575.25 -3.79% — Unchanged Commodities
CRB Broad Commodities 28.71 -0.27% ▼ Deteriorating Commodities
Currencies
DXY (USD Index) 98.92 +0.80% ▲ Improving Currencies
AUD/USD 0.7073 +1.35% ▲ Improving Currencies
EUR/USD 1.1690 +1.15% ▲ Improving Currencies
GBP/USD 1.3422 +0.80% ▲ Improving Currencies
USD/JPY 159.20 -0.01% — Unchanged Currencies
USD/CNY 6.8287 +0.87% — Unchanged Currencies
USD/CHF 0.7912 -0.19% ▼ Deteriorating Currencies
Fixed Income
10Y Treasury Yield 4.2930 -0.59% ▼ Deteriorating Fixed Income
30Y Treasury Yield 4.8970 -0.11% ▼ Deteriorating Fixed Income
5Y Treasury Yield 3.9150 -0.73% ▼ Deteriorating Fixed Income
3M T-Bill Yield 3.5880 +0.57% ▲ Improving Fixed Income
High Yield Bond ETF 80.28 +1.41% — Unchanged Fixed Income
Investment Grade ETF 109.49 +1.03% — Unchanged Fixed Income
20Y Treasury ETF 86.70 +0.34% ▲ Improving Fixed Income
Yield Curve
10Y-2Y Spread 0.7050 -0.67% ▼ Deteriorating Yield Curve
10Y-3M Spread 0.7050 +0.00% — Unchanged Yield Curve
Risk Indicators
SPX/Gold Ratio 15.58 +1.64% ▲ Improving Risk Indicators
HYG/LQD Ratio 0.7332 +0.38% — Unchanged Risk Indicators
EEM/SPY Ratio 0.0887 +1.83% — Unchanged Risk Indicators
XLY/XLP Ratio 1.3510 +1.40% — Unchanged Risk Indicators
VIX Abs Level (<20) 19.49 +0.00% ▲ Improving Risk Indicators
30-Day Regime History
03-30
04-10
Goldilocks Reflation Transition Inflation Deflation
Regime Playbook: GOLDILOCKS
Overweight
US EquitiesGrowth StocksHigh Yield CreditEM EquitiesSmall Caps
Underweight
GoldTreasuriesCashUtilitiesDefensive Sectors
Key Watches
VIX for complacencyYield curveCredit spreadsDXY trend
See Pulse for which specific assets within this regime have the strongest momentum signals.