March 12, 2026 | Power Index

The Power Index ranks five major capital buckets by relative performance for the short window ending March 12, 2026 (Tue close → Wed close). U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.

The ranking table changed again. Commodities returned to first place as oil rebounded into the $90–$92 range. U.S. Equities slipped from the top spot back to fourth as the prior session’s relief rally failed to broaden. Gold and Treasuries remained in the middle of the table, and Bitcoin stayed last.

Commodities rise back to #1. The rebound in crude restored commodity leadership for this window. The bucket regained control of the table after only one session out of first, confirming that energy sensitivity still carries the strongest relative influence.

Gold holds #2. Defensive demand stayed in place as uncertainty around energy and inflation remained unresolved. Gold again occupied an upper position without overtaking the commodity complex.

Treasuries remain #3. The bond bucket continued to reflect stability rather than expansion. Yields stayed contained enough to preserve Treasuries’ position, but not soft enough to move duration into leadership.

U.S. Equities fall to #4. The prior session’s rebound did not extend into a stronger second leg. Relative strength faded as equities moved back below the more defensive and inflation-linked buckets.

Bitcoin remains #5. The crypto bucket again failed to improve its rank. The table continues to show weak participation from speculative capital even when headline equity volatility moderates.

Contribution dispersion moved back toward the hard-asset side of the table. The brief equity-led shift did not persist. Commodity leadership returned quickly, and the rest of the hierarchy largely stayed intact around it.

Commodities return to #1 — energy strength again leads the table.
Gold remains #2 — defensive participation continues.
Treasuries remain #3 — duration stays stable but secondary.
U.S. Equities fall to #4 — the rebound lost relative force.
Bitcoin remains #5 — speculative participation still ranks last.

The structure rotated back. Commodity leadership reasserted itself, while equities failed to hold the top position for more than one window. The broader hierarchy remains selective, with Bitcoin still disconnected from the leading groups.