We see increasing vulnerability across major US stock markets, with the benchmark S&P 500 showing signs of exhaustion after the latest narrow advance. While Europe and the UK stock indices remain in constructive uptrends, Japan’s rally appears overextended and due for a pause.
What’s more in this report:
Government bond yields stay range-bound, but strong potential for a renewed rising phase looms once key resistance levels give way.
Credit spreads show tentative bottoming patterns.
Gold and mining stocks have likely peaked following a blow-off phase.
The dollar’s strength continues to weigh on EUR/USD and GBP/USD.
US stock markets continue to show impressive resilience, but signs of exhaustion are emerging. Precious metals appear to be in a final blow-off phase after months of near-vertical gains. In short, the risk of a more prolonged cooling-off period is high...
US stock market rallies at risk: Pullbacks loom amid longer-term bullish trends
Thursday, 25 September 2025
The S&P 500 and Nasdaq 100 are showing signs of short-term exhaustion after steep rallies, yet the broader trend remains bullish with long-term targets still in sight. Europe offers dip-buying opportunities, while Japan and China sustain upward momentum. Precious metals stay strong, with gold eyeing 4000 and silver targeting its 2011 high near 50...
