Composite: 61.9% (Nearly Crash)
Regime: risk off
Geopolitical: 53.8% (Risky)
Market insight: The Financial Composite Gauge registered 64.6% (Nearly Crash), the Overall Gauge hit 61.9% (Nearly Crash), and the Geopolitical Layer is 53.8% (Risky). Geopolitical risk is driven primarily by the ongoing Russia-Ukraine war and US-Iran de-escalation talks. Extreme caution is warranted as both the Financial and Overall Gauges signal a Nearly Crash environment.