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WW3 Risk vs Markets

SIDE BY SIDE 15 Aug – 5 Oct 2026

The WW3 risk index went from 40.4 to 47.2 over these 45 days. Beside it, four markets that wars move: prices as each morning’s report saw them, a day’s last.

MarketNow Since 15 Aug Day-to-day, against the index
Oil $89.85 +9.0% A weak link, moving together (few days yet) r = 0.36, 21 days
Gold $4,161 −6.2% No clear link (few days yet) r = 0.67, 21 days
S&P 500 $707.54 −0.9% A moderate link, moving opposite (few days yet) r = -0.58, 18 days
Nasdaq 100 $749.58 +2.5% A strong link, moving opposite (few days yet) r = -0.71, 18 days
OIL WTI crude, front-month futures, $ a barrel

WW3 risk index, left Oil, right — each on its own scale; hover for both

15 Aug5 Oct

Oil went from $82.40 to $89.85 (+9.0%) while the index went from 40.4 to 47.2. On the 21 days both moved, they moved the same way on 12: a weak link, moving together (few days yet).

GOLD COMEX front-month futures, $ an ounce

WW3 risk index, left Gold, right — each on its own scale; hover for both

15 Aug5 Oct

Gold went from $4,437 to $4,161 (−6.2%) while the index went from 40.4 to 47.2. On the 21 days both moved, they moved the same way on 6: no clear link (few days yet).

S&P 500 Vanguard S&P 500 ETF (VOO), $ a share

WW3 risk index, left S&P 500, right — each on its own scale; hover for both

15 Aug5 Oct

S&P 500 went from $713.61 to $707.54 (−0.9%) while the index went from 40.4 to 47.2. On the 18 days both moved, they moved the same way on 6: a moderate link, moving opposite (few days yet).

NASDAQ 100 Invesco Nasdaq-100 ETF (QQQ), $ a share

WW3 risk index, left Nasdaq 100, right — each on its own scale; hover for both

15 Aug5 Oct

Nasdaq 100 went from $731.07 to $749.58 (+2.5%) while the index went from 40.4 to 47.2. On the 18 days both moved, they moved the same way on 6: a strong link, moving opposite (few days yet).

READING IT

Markets move for many reasons at once — rates, earnings, supply, a single speech — and the WW3 risk index moves slowly, a reading a day. The link above is measured on the days both moved (the index changed and the market was open): how closely the two moves track each other (r, from −1 to 1) and how often they went the same way. Fewer than ten such days says nothing; when the two measures disagree, the page says there is no clear link. Correlation is not cause, and none of this is investment advice.

Prices: the market strip’s own quotes (Yahoo Finance), recorded beside each run. What the index measures →

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Reports: WW3 Global report