The market is undergoing a broad-based downturn, with all three major trading sessions posting losses — most notably in Europe (-6.67%) and the U.S. (-5.72%).

The downward trend, combined with thinning volume, suggests that institutional capital is staying on the sidelines, leaving liquidity fragile and the market vulnerable to even modest selling pressure.

A defensive sentiment is clearly taking hold. Even the APAC session — typically more resilient — has begun to break key support levels, declining by -1.59%.

This signals heightened caution among global investors, who are prioritizing cash preservation over new positions amid a lack of clear bullish catalysts.