Let's take a look at how price is actually behaving across markets this week.

FX moves were small this week. The dollar firmed against CHF, but softened against GBP, CAD, AUD, and NZD.

EUR was flat against USD and lost ground to GBP.

Bitcoin recovered 0.82%, snapping a two-week decline.

Energy dominated the board. Gasoil, heating oil, WTI, and Brent all rose together, with natural gas also up 3.40%.

Grains and softs sold off. Corn, wheat, oats, and coffee all fell sharply.

Equities were split. Nasdaq fell 1.93% and the Nikkei fell 2.51%, while the DJIA rose 0.90%.

The VIX fell 3.08% despite the weakness in growth indices.

Long bonds were bid, with Ultra Bond up 1.64% and the 30 Year up 1.50%.

Gold rose 1.03% while silver fell 1.52%.

Leadership was spread across sectors. Software, payments, and energy all appeared among the top performers.

Semiconductors took the other side. ARM, AMAT, and SKHY all fell more than 12%, with SNDK extending its decline for a second week.

CAT among the weakest shows the weakness reached industrials, not just chips.

This week's price action is defined by rotation.

Energy surged while grains and softs fell.

Capital moved into payments, software, and energy stocks and out of semiconductors, with Nasdaq futures lower on the week.

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