What is a market regime?

The backdrop that decides how news is priced: risk-on (investors reach for growth and crypto), risk-off (they hide in cash and havens) or mixed. Pulse reads it from four pillars: the dollar, rates, equities and crypto liquidity.

Read over the last five days

Market regime

Q: Why has the regime stayed risk-off for weeks?

Because the inputs did. When the crypto Fear & Greed Index sits below 30, risk-off needs only one condition while risk-on needs all of them; a long run of one reading is a finding, not a bug.

Risk-on, risk-off or mixed, read from four pillars, each with the evidence behind it. When a pillar's evidence comes from an older edition, it says which.

Now

Evening edition · Tue, 27 Oct 2026

mixedLow confidence

US dollar

Not enough data

Rates

neutral

Equities

defensive

Crypto liquidity

expanding

Evidence, drivers and tactics

The evidence behind each pillar, with its date
What is driving the regime
Our tactics for this regime

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Opens to everyone on 3 Nov 2026. Every edition does, after 7 days.

As of 27 Oct 2026, 08:41 UTC

Edition by edition

23 Jul 2026 – 27 Oct 2026

Why so much risk-off? When the crypto Fear & Greed Index sits below 30, risk-off needs only one condition while risk-on needs all of them; a long run of one reading is a finding, not a bug.