Bertschi's Chart Outlook

The report highlights technical warnings across major global equity indices, technology stocks, and commodities, suggesting significant support levels are being tested. The author expresses concern that the current market environment may be leading toward a deflationary phase.

Key Takeaways

• 1.Global equity indices and specific tech stocks like Nvidia show signs of peaking valuation regimes and fading momentum.
• 2.The 30-year US Treasury bond future is identified as a critical global signal for long-term growth and inflation, with a potential breakout in yields to 5.20% threatening market stability.
• 3.The author anticipates potential deflation as a scenario where commodities, bond yields, and stocks may fall simultaneously.

Table of Contents

• WORLD – Bloomberg World Large & Midcap EQUAL WEIGHT Price Index (.WORLDEW)
• WORLD – iShares MSCI World CHF Hedged UCITS ETF (IWDC.S)
• WORLD – Bloomberg Global Artificial Intelligence Aggregate Price Index (.BAIAP)
• SWITZERLAND – Swiss Market Index SMI (.SSMI)
• SWITZERLAND – SMI Cap Weight Index (top) and SMI Equal Weight Index (bottom)
• SWITZERLAND – SMI Equal Weight Price Return Index (.SMIEWPR)
• SWITZERLAND – Swiss Market Index Constituent Stocks
• SWITZERLAND – Partners Group
• SWITZERLAND – Selected Midcap and Smallcap Stocks
• SWITZERLAND – Also Holding
• SWITZERLAND – PSP Swiss Property
• GERMANY – DAX Index (.GDAXI)
• USA – S&P 500 Index
• USA – Nvidia
• USA – 30-year T-Bonds 2nd Continuous Future (September 2026) (USc1)
• Japan – Nikkei 225 Continuous Future (JNlc1)
• Japan – iShares MSCI Japan CHF Hedged UCITS ETF (IJPC.S)
• Japan – Japanese 10-year Government Benchmark Bond Price FUTURE (JGBc1)
• COMMODITIES – Bloomberg Commodity Index (.BCOM) and 30-year T-Bond Future (USc1)
• COMMODITIES – Brent Crude Oil – December 2026 contract (LCOZ6)
• COMMODITIES – Gold per Ounce Spot in US dollar
• COMMODITIES – Silver per Ounce Spot in US dollar
• FOREX - Swiss franc per US DOLLAR
• FOREX - US dollar per EURO
• FOREX – Swiss franc per EURO
• CRYPTO – Bitcoin in US dollar

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