Pictet Trading and Sales Research Hub

As of mid-2026, Pictet Trading and Sales observes a global market landscape defined by a pivotal shift toward consolidation across multiple asset classes. While US equity indices like the S&P 500 and Nasdaq 100 have breached significant technical resistance, internal market breadth is weakening, signaling potential exhaustion despite sustained momentum. In the fixed income space, the US 10-year yield is exhibiting a temporary retracement toward the 4.01-3.92% range, cooling from earlier bullish pressure. Currency markets remain largely range-bound, with the DXY trading laterally between 97.50 and 99.49, although the USD/JPY pair shows persistent attempts to breach the 160 level. Commodity markets highlight a notable divergence, where Copper has signaled a clear bullish breakout toward a 7.06 target, while precious metals are demonstrating stabilization above support zones. Overall, Pictet's technical outlook emphasizes caution as global indices reach Elliott Wave targets and breadth indicators suggest a period of necessary correction.