Highlights
- S&P is wrestling with major resistance while breadth remains ok, but not great; continued stalling would not be surprising or bad news.
- Risk Gauge remains Risk‑On across all timeframes, supported by strongest MO scores in lower‑cap quintiles.
- Leadership rotation is healthy but still tilting toward late‑cycle groups (Metals, Banks, Transports, Materials, Energy & Chemicals).
- Breakout data highlights Chemicals and Energy as standout opportunity sets with strong upside participation.
- Portfolio stance: stay fully. . .
