𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗪𝗿𝗮𝗽-𝗨𝗽 📈 ✍️ ◾ 𝟴 𝗼𝗳 𝟭𝟮 𝗿𝗲𝗮𝗱𝗶𝗻𝗴𝘀 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝗱 𝗪𝗼𝗪 — but the split is the story: $SPX green across all 3 timeframes. A near-total reversal of last week's down-cap rotation. Long-term $NDX breadth joined as the only other metric to advance last week. ◾ $SPX 𝗶𝘀 𝘁𝗵𝗲 𝗹𝗼𝗻𝗲 𝗹𝗲𝗮𝗱𝗲𝗿 — the only index green on all 3 timeframes. Short-term breadth's 19% was the 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝘄𝗲𝗲𝗸𝗹𝘆 𝗺𝗼𝘃𝗲 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝟭𝟮 𝗺𝗲𝘁𝗿𝗶𝗰𝘀 and, at ~60%, the highest absolute reading. Last week's biggest drop, this week's biggest gain. ◾ $IWM and $IJH gave back last week's gains — both red across all 3 timeframes. Mid-cap mid-term/50sma was the 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝘀𝗶𝗻𝗴𝗹𝗲-𝘄𝗲𝗲𝗸 𝗱𝗿𝗼𝗽 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝟭𝟮 𝗺𝗲𝘁𝗿𝗶𝗰𝘀, small-cap short-term right behind. $NDX was mixed — short & mid down, long-term up. ◾ 𝗦𝘁𝗶𝗹𝗹 𝗮𝗯𝗼𝘃𝗲 𝟱𝟬%: $SPX all 3 timeframes, $NDX mid & long-term, Russell 2000 $IWM all 3 timeframes, and Mid Cap long-term. ◾ The structure holds — 𝗮𝗹𝗹 𝟰 𝗶𝗻𝗱𝗶𝗰𝗲𝘀 𝘀𝘁𝗶𝗹𝗹 ≥𝟱𝟬% 𝗼𝗻 𝟮𝟬𝟬𝘀𝗺𝗮. Large caps took back the wheel this week — the question now is whether tech, small & mid caps stabilize or this down-cap fade has legs.

𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗗𝗲𝗹𝘁𝗮: $IJH 𝗠𝗶𝗱 𝗖𝗮𝗽𝘀 𝗧𝗟𝗗𝗥: Took the hardest hit. Red across all 3 timeframes, with mid-term/50sma down -16% — the 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝘀𝗶𝗻𝗴𝗹𝗲-𝘄𝗲𝗲𝗸 𝗱𝗿𝗼𝗽 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝟭𝟮 𝗺𝗲𝘁𝗿𝗶𝗰𝘀. Short & mid-term both back under 50%; only long-term/200sma holding over. % 𝗼𝗳 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗯𝗼𝘃𝗲: ◾ 20sma -15% to 46.50% 🔴 ◾ 50sma -16% to 49.55% 🔴 ◾ 200sma -6% to 52.48% 🔴

𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗗𝗲𝗹𝘁𝗮: $IWM 𝗦𝗺𝗮𝗹𝗹 𝗖𝗮𝗽𝘀 𝗧𝗟𝗗𝗥: Gave it all back. Small caps led the breadth gains last week — this week all 3 timeframes flipped red, short-term down -16%. Softer hit than the mids though, and all 3 readings are 𝘀𝘁𝗶𝗹𝗹 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗼𝘃𝗲𝗿 𝟱𝟬%. % 𝗼𝗳 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗯𝗼𝘃𝗲: ◾ 20sma -16% to 50.94% 🔴 ◾ 50sma -15% to 54.53% 🔴 ◾ 200sma -5% to 57.48% 🔴

𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗗𝗲𝗹𝘁𝗮: $NDX Nasdaq100 𝗧𝗟𝗗𝗥: Mixed bag. Short & mid-term breadth pulled back while long-term/200sma pushed higher to 58.41 — the 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝟮𝟬𝟬𝘀𝗺𝗮 𝗿𝗲𝗮𝗱𝗶𝗻𝗴 𝗼𝗳 𝗮𝗹𝗹 𝟰 𝗶𝗻𝗱𝗶𝗰𝗲𝘀. Short-term/20sma slipped back under 50% marginally. % 𝗼𝗳 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗯𝗼𝘃𝗲: ◾ 20sma -11% to 49.50% 🔴 ◾ 50sma -9% to 50.49% 🔴 ◾ 200sma 4% to 58.41% 🟢

𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗗𝗲𝗹𝘁𝗮: $SPX S&P500 𝗧𝗟𝗗𝗥: Large caps flipped the script. The only index green on all 3 timeframes — short-term breadth's 19% was the 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝘄𝗲𝗲𝗸𝗹𝘆 𝗺𝗼𝘃𝗲 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝟭𝟮 𝗺𝗲𝘁𝗿𝗶𝗰𝘀 and the highest absolute reading, snapping right back after last week's deterioration. % 𝗼𝗳 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗯𝗼𝘃𝗲: ◾ 20sma 19% to 59.64% 🟢 ◾ 50sma 3% to 53.67% 🟢 ◾ 200sma 5% to 58.05% 🟢

𝗪𝗲𝗲𝗸𝗹𝘆 𝗕𝗿𝗲𝗮𝗱𝘁𝗵 𝗪𝗿𝗮𝗽-𝗨𝗽 📈 ✍️ ◾ 𝗔 𝗰𝗹𝗲𝗮𝗻 𝟲-𝗮𝗻𝗱-𝟲 𝘀𝗽𝗹𝗶𝘁: 𝗮𝗹𝗹 𝟲 𝗹𝗮𝗿𝗴𝗲-𝗰𝗮𝗽 𝗿𝗲𝗮𝗱𝗶𝗻𝗴𝘀 ($SPX $NDX) 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝗱, while 𝗮𝗹𝗹 𝟲 𝘀𝗺𝗮𝗹𝗹/𝗺𝗶𝗱-𝗰𝗮𝗽 𝗿𝗲𝗮𝗱𝗶𝗻𝗴𝘀 ($IWM $IJH) 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱. A textbook down-cap rotation week — from a breadth perspective, money rotated out of mega caps and into small & mids. ◾ 𝗦𝗺𝗮𝗹𝗹 𝗰𝗮𝗽𝘀 $IWM 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗹𝗲𝗮𝗱𝗲𝗿 — green across every timeframe, and mid-term at 𝟲𝟰% is the 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗮𝗯𝘀𝗼𝗹𝘂𝘁𝗲 𝗿𝗲𝗮𝗱𝗶𝗻𝗴 𝗼𝗳 𝗮𝗹𝗹 𝟭𝟮 𝗺𝗲𝘁𝗿𝗶𝗰𝘀. ◾ Mid caps $IJH backed it up — fully green across all 3, short-term/20sma the 2nd-largest gainer. On the flip side, $SPX short-term/20sma posted the 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗪𝗼𝗪 𝗱𝗿𝗼𝗽 𝗼𝗳 𝗮𝗹𝗹 𝟭𝟮, sliding to just 50.09 — barely above the 50% mark and the lowest reading of all 12. ◾ 𝗔𝗹𝗹 𝟭𝟮 𝗿𝗲𝗮𝗱𝗶𝗻𝗴𝘀 𝗮𝗿𝗲 𝗮𝗯𝗼𝘃𝗲 𝟱𝟬%. The structural picture stays intact across every index and timeframe — but breadth leadership rotated down-cap this week.