Highlights
- The S&P met our worst‑case path last week, a little too rapidly for our liking.
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Failure to rebound by quarter‑end risks a bearish setup for Q2'26 below the developing projected Quarterly Momentum Zone.
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Credit spreads, sector rotation, and trend deterioration confirm rising market risk conditions.
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Although oversold momentum limits near‑term downside, strength will be used to continue reducing risk exposure.
