Pre-London Session Brief | Thursday 23 April 2026 | 07:00 London / 02:00 New York / 15:00 Tokyo
Wednesday delivered the clearest risk-on session of the week. The Nasdaq 100 (NAS100) rallied 1.67% on the day, reclaiming the channel floor that had been breached intraday on Tuesday and closing near the session highs. Overnight, the index has held firm at 26,812, barely giving back anything from the close. That is the first sign of a genuine shift: when a rally closes strong and the overnight session does not fade it, the buyers are not trapped. They are in control.
The framework reads long with high conviction. The structural backdrop has recovered from Tuesday’s breakdown, momentum has turned positive, and the channel that was under threat is now acting as support. The VIX closed at 18.92, dropping below 19 for the first time this week. Fear and Greed has pushed to 68.1, firmly in Greed territory. Options flow was unanimously bullish across all six major tech names: Apple, Nvidia, Meta, Microsoft, AMD, and Amazon. Zero bearish. That unanimous reading has not occurred in the last three weeks of tracking.
Scoring Wednesday’s Calls
Overnight Recap
The Asian session was constructive. NAS100 futures held above 26,800 throughout the session with no meaningful selling pressure. The Nikkei 225 tracked higher on yen weakness, confirming the risk-on narrative. The Hang Seng was quieter but positive. No surprise headlines overnight. The market is digesting Wednesday’s gains and waiting for London to set the tone for Thursday.
The key overnight development is what did not happen. There was no gap down, no fade, no reversal. When a market rallies 1.67% on heavy volume and then holds every point overnight, it tells you that the buying was real, not speculative. The positions were held. The stops were not hit. That is the distinction between a short squeeze and genuine accumulation.
London Session Setup
Indices: NAS100 at 26,812 is the level to watch. A move above 26,850 in the London session opens the door to 27,000. The channel floor at approximately 26,450 is now distant support. The near-term support is the overnight low, wherever that settles. SPY $709 remains the institutional put wall floor from Wednesday’s 750,000 contract print.
FX: EUR/USD at 1.1710 slipped 0.63% on Wednesday as the dollar firmed on equity inflows. GBP/USD at 1.3502 was down 0.22% after weak UK PMI. London will set the direction for sterling today. Watch for any UK data prints. USD/JPY remains in the danger zone near BOJ intervention levels.
Commodities: Gold at $4,757 continues to bid alongside equities, which is unusual and significant. Silver at $77.66 and copper at $6.13 (+2.17% Wednesday) are both confirming the metals bid. Crude at $92.82 is digesting the geopolitical premium. The metals story is inflation, not fear.
Crypto: BTC at $78,505 and ETH at $2,395 both posted their strongest daily gains of the week on Wednesday. The overnight hold confirms the bid. Crypto is running its own supply-demand dynamic while benefiting from the broader risk-on environment.
What To Watch Today
| Event | Time (GMT) | Impact |
|---|---|---|
| Alphabet (GOOGL) earnings reaction | Pre-market | HIGH. The market rallied into this. Result sets the tone |
| US Initial Jobless Claims | 12:30 | MEDIUM. Labour market health check |
| US Durable Goods Orders | 12:30 | MEDIUM. Business investment signal |
| Visa, Intel, T-Mobile earnings | After close | MEDIUM. Breadth of earnings confirmation |
The GOOGL reaction is the story. The market bought 1.67% on the Nasdaq INTO the print, which was aggressive positioning. If GOOGL delivers, Thursday becomes a continuation day and the channel breakout is confirmed. If GOOGL disappoints, the after-hours move will determine whether Wednesday’s rally was a trap or a pause. The overnight hold in futures suggests the smart money is not worried, but the event risk demands respect until the numbers are confirmed.
This is analysis, not financial advice. Always manage your risk.
