ACWI Stagnates at $146 as Global Equities Ignore Metals Rout and Macro Landmines

If you’re looking for market drama, you won’t find it in global equities right now. The ACWI, that’s the MSCI All Country World Index ETF for the uninitiated, has spent the last 24 hours glued to $146.3, barely budging while commodities and crypto have been busy staging their own little horror shows. In a week when silver fell off a cliff and Monero got vaporized, the world’s broadest equity benchmark is, well, boring. But sometimes, boring is the most interesting story of all.

Let’s be clear: this isn’t a sign of strength. It’s a sign of collective paralysis. Traders are staring at a wall of macro uncertainty, from trade deals to central bank investigations, and the only consensus is to do nothing. The metals market just staged a rout that would have made 1980s gold bugs weep, and yet ACWI sits serenely at $146.3. This is not normal. When the world’s safe havens are getting torched, and risk assets are supposed to be next, the lack of movement in global equities is almost suspicious.

The news flow has been relentless. India and the US just inked a trade deal (CNBC, 2026-02-02), the DOJ is still sniffing around Fed Chair Powell, and President Trump is back to cheerleading tariffs. Meanwhile, manufacturing data is surging, with the ISM PMI hitting a 40-month high, and yet metals, traditionally the macro canaries, have cratered. Stocks, by contrast, have barely registered a pulse. The Dow and S&P 500 managed a modest climb to kick off February, but ACWI? Flat as a pancake.

This isn’t just a US phenomenon. ACWI is a global proxy, and its inertia is a symptom of cross-market confusion. European equities are stuck in the mud, Asian markets are treading water, and even emerging markets, usually the first to react to dollar swings, are in a holding pattern. The only thing moving is the dollar itself, and that’s not enough to shake ACWI out of its torpor.

Historically, periods of extreme calm in global equities have been followed by sharp moves, usually when traders least expect it. The last time ACWI went this flat for this long was in late 2019, right before the pandemic chaos. Back then, the market was pricing in a Goldilocks scenario, no inflation, no recession, just endless central bank largesse. We all know how that ended.

What’s different this time is the disconnect between asset classes. Commodities are screaming that something is wrong, with gold and silver both posting double-digit declines in a matter of days. Crypto is in full risk-off mode, with Bitcoin and Ethereum both struggling to hold Strykr Watch. And yet, global equities remain serenely indifferent. Either stocks are right, and the rest of the market is overreacting, or equities are lagging and about to play catch-up in spectacular fashion.

The macro backdrop is as murky as it gets. Trade tensions are simmering, central banks are under political pressure, and the economic calendar is stacked with high-impact events from China and Australia in the coming weeks. The ISM Manufacturing PMI’s surge is supposed to be bullish for risk assets, but the metals market is calling that bluff. If global growth is really accelerating, why is gold down 23% in January, and silver down even more? The answer, as always, is that markets are forward-looking, and right now, they’re not buying the recovery narrative.

Strykr Watch

From a technical perspective, ACWI is boxed in. Support sits at $144.5, with resistance at $148.7. The 50-day moving average has flattened out, and RSI is stuck in the low 50s, signaling a complete lack of conviction. Volume is anemic, with daily turnover at multi-month lows. This is classic pre-breakout behavior, but the direction is anyone’s guess.

Watch for a decisive move above $148.7 to signal a resumption of the global equity rally. Conversely, a break below $144.5 could trigger a rush for the exits, especially if commodities keep telegraphing trouble ahead. The real tell will be cross-asset flows. If money starts rotating out of equities and into cash, expect ACWI to finally wake up, and not in a good way.

Macro catalysts abound. The upcoming Chinese PMI and Australian GDP prints could jolt sentiment, especially if they surprise to the downside. With the dollar on the move and metals still reeling, global equities are sitting on a powder keg of potential volatility.

The risk is that ACWI’s calm is just the eye of the storm. Volatility is cyclical, and the longer it stays suppressed, the more violent the eventual breakout. Traders should be on high alert for any signs of regime change, whether it’s a sudden spike in VIX, a breakdown in emerging markets, or a fresh round of policy shocks from central banks.

The opportunity here is to position for the inevitable move. Straddles, strangles, or outright directional bets all make sense, but timing is everything. Don’t get lulled into complacency by the current stasis. The market is giving you a gift: cheap optionality ahead of a likely volatility spike.

Strykr Take

ACWI’s inertia is not a sign of health. It’s a warning that the market is coiled and ready to snap. The metals rout and macro landmines suggest that global equities are overdue for a reality check. Position accordingly, and don’t mistake silence for safety.

Date Published: 2026-02-03 01:45 UTC