US tech keeps running higher without cyclic confirmation, commodities sit on the bottom
Global Dominant Cycle Watch — June 26, 2026 | Chart of the Day: Corn
Thirteen markets sit on the bottoming side, the most in weeks, and they are led by commodities, precious metals, and Asian equities while US tech keeps running higher without confirmation
US equity futures were red on Friday morning, with the S&P down 0.53% and the Nasdaq off 1.16% as the selling in chips and AI names picked up again. The trigger was a report that OpenAI may push its stock-market debut into 2027, which would slow the spending that has carried the whole sector. Asia took it harder overnight, with Korea down 5.81% and several chip names off 6 to 11 percent. Oil fell about 3.7% to roughly $72.50 after Saudi Arabia resumed loadings at a key Gulf terminal, Treasuries rallied, and gold edged up 0.30%. The mood on the surface is risk-off, but the cycle scan underneath points somewhere the headlines are not looking.
The story today is a broad floor forming away from the crowded tech trade. Thirteen markets sit on the bottoming side, the most in weeks, and they are led by commodities, precious metals, and Asian and emerging-market equities. Corn Futures reach the model’s maximum at +100 with bear exit (the bears throw in the towel and the downswing has broken). Behind corn stands a deep cluster of gold, platinum, palladium, and silver, with Hang Seng, the BRICS ETF, and India’s Nifty 50 broadening it into the neglected corners of the market. The topping side, by contrast, is all US equities and yields, eleven of them, but every single one without momentum confirmation.
The cycle model analyzes roughly 45 global markets across equities, rates, commodities, and currencies. The Consensus Score runs from -100 to +100 and works like a school grade for how strongly the cycles agree that a turn is coming, plus for a possible turn up, minus for a turn down. A reading at or beyond 60 marks the critical zone (a reading at which the cycle model raises the alarm for a possible turn). Let’s take a closer look.
