PRE-NY CONDITIONS — 17 November 2025United States 2 Year Government Bonds YieldTVC:US02YCORE5DANNew York inherits a defensive London session: steady Dollar, firm short-end yields, weaker equities, and rising volatility. 1. Market Environment (London → NY Transition) Dollar: DXY holds mid-range near 99.40. No shift in macro tone during London. Yields: US10Y near 4.15%, US2Y near 3.60%. Both stayed contained inside narrow ranges — policy tone unchanged. Risk Tone: ES weakened through London. Volatility elevated. Global tone remains cautious. Liquidity: Thinner into NY as VIX climbs and equities soften. Quick Insight: Stable 2Y = stable policy tone. Rising VIX = cautious liquidity. 2. Six-Chart Snapshot (Operator View) DXY: Mid-range (98.991–99.981), inside-bar structure. No bias until a break. US10Y: Range-bound. Today’s move sits inside a 1.03% range. US2Y: Up 0.64% on low volume — quiet policy tone, data-waiting behavior. ES: Bearish through London with clear rotation lower into NY. Gold: Lower inside daily imbalance. Down 1.46% — weak safety demand. VIX: Up 7.47% — rising volatility regime. 3. Cross-Asset Signals Yields: Stable long-end + firm short-end → Dollar supported. Equities: ES weakness maintains defensive tone. Gold: Lower → no significant safety bid. Volatility: Higher VIX → cautious liquidity and reactive flows. Global Risk: Neutral-to-defensive. 4. Core Drivers for NY • Dollar reaction inside the inside-bar range • Short-end yield firmness (2Y) • ES tone post-NY open • VIX regime (expanding vs contained) • Yield alignment (10Y + 2Y) 5. Execution Notes — CORE5 PEM Follow higher-timeframe direction Ignore noise from earlier sessions Wait for structure + flow alignment Act only on confirmation One-Line Summary NY opens into a defensive setup: steady Dollar, firm yields, weak equities, and rising volatility. — CORE5DAN Institutional Logic. Modern Technology. Real Freedom.