# The Market Fieldbook — Daily Market Snapshot **Snapshot generated:** 2026-07-23 08:30 UTC **Latest market data:** 2026-07-22 **Current regime:** Mixed / Transitional **Current subregime:** Mixed Confirmation **Internal market health:** 64/100 (Mixed) **Regime momentum:** 48/100 (Stable) **Regime duration:** 4 snapshots **History sample:** 36 snapshots > **How to read this report** > > This is not a recap of one trading session. It is a recurring measurement of participation, leadership, credit, volatility, defensive behavior, and global confirmation. Current levels, latest changes, and trailing multi-snapshot direction are separate evidence types. ## The market in one minute The current market regime is **Mixed / Transitional**, with a **Mixed Confirmation** subregime. Internal market health is **64/100 (Mixed)**, and regime momentum is **48/100 (Stable)**. The current evidence should be interpreted from the supplied signal levels and repeated observations rather than from a single trading session. ## Current field read - Risk backdrop: constructive. - Breadth: mixed. - Growth leadership: lagging. - Equal-weight confirmation: confirming. - Credit: confirming risk appetite. - Volatility: contained. - Defensive demand: rising. ## What changed in the latest snapshot - Risk-on appetite deteriorated by 4.0 pts versus the prior run. - Growth leadership deteriorated by 1.0 pts versus the prior run. - Small-cap participation deteriorated by 18.0 pts versus the prior run. - Defensive demand increased by 4.0 pts versus the prior run. - Credit risk appetite deteriorated by 11.0 pts versus the prior run. - T1 ETF breadth deteriorated by 5.9 pts versus the prior run. - HYG vs TLT deteriorated by 0.6 percentage points versus the prior run. These are changes between snapshots. They do not by themselves establish a persistent trend. ## What the pattern is saying 1. Risk appetite: stable (-3.0 pts vs 5 runs ago) 2. Growth leadership: deteriorating (-7.0 pts vs 5 runs ago) 3. Momentum leadership: stable (-1.0 pts vs 5 runs ago) 4. Small-cap participation: deteriorating (-9.0 pts vs 5 runs ago) 5. Breadth: stable (-2.9 pts vs 5 runs ago) 6. Credit risk appetite: stable (+3.0 pts vs 5 runs ago) 7. Defensive demand: improving (+37.0 pts vs 5 runs ago) 8. Transition monitor: Defensive demand is rising meaningfully versus recent runs. 9. Persistence check: Mega-cap leadership has deteriorated for 3 consecutive observations. 10. Persistence check: Equal-weight participation has deteriorated for 3 consecutive observations. 11. Persistence check: Small-cap participation has deteriorated for 3 consecutive observations. ## Risk, credit, and defensive confirmation ### Risk confirmations - Risk-on confirmations: 3/5 - Yes: SPY positive over T1 - No: QQQ outperforming SPY - Yes: HYG outperforming TLT - Yes: VIX below 20 - No: ETF breadth above 70% - Defensive confirmations: 2/5 - Yes: USMV outperforming SPY - No: GLD outperforming SPY - Yes: XLU outperforming SPY - No: TLT positive over T1 - No: HY spreads widening ### Credit diagnostics - Credit diagnostics: - Spread stress: HY spreads appear calm at 2.69. - Credit ETF confirmation: HYG is outperforming TLT by +2.7% over T1. ### Defensive diagnostics - Defensive diagnostics: - Equity defensives: 4/4 confirming versus SPY or positive over T1. - Macro defensives: 0/4 confirming versus SPY or positive over T1. ## Global confirmation - Global risk appetite score: 38/100 (Mixed global confirmation) - Global relative leadership: - Global equities vs U.S.: ACWI-SPY -1.3% over T1 - Ex-U.S. equities vs U.S.: VXUS-SPY -3.4% over T1 - Developed ex-U.S. vs U.S.: VEA-SPY -3.0% over T1 - EAFE developed markets vs U.S.: IEFA-SPY -0.7% over T1 - Emerging markets vs U.S.: VWO-SPY -4.4% over T1 - Emerging markets vs developed ex-U.S.: VWO-VEA -1.3% over T1 - Japan vs EAFE developed markets: EWJ-IEFA -4.6% over T1 - China vs emerging markets: MCHI-VWO +5.3% over T1 - India vs emerging markets: INDA-VWO +0.6% over T1 - Dollar backdrop: UUP T1 +0.3% - Global read-through: global equities are lagging U.S. equities; ex-U.S. equities are not confirming U.S. leadership; emerging markets are lagging; developed ex-U.S. is leading EM. ## Why this matters The regime conclusion is more reliable when breadth, leadership, credit, volatility, defensive evidence, and global confirmation agree across repeated snapshots. Divergence among these measures supports a mixed or transitional interpretation rather than a stronger conclusion. ## What would change the conclusion The conclusion should change only when improvement or deterioration is confirmed across several supplied signals and persists across repeated snapshots. Current tactical warning evidence: - No major tactical warning signals currently detected. ## What to watch in the next snapshots 1. Check whether this transition persists: Defensive demand is rising meaningfully versus recent runs. 2. Track the next reading for: Risk appetite: stable (-3.0 pts vs 5 runs ago) 3. Track the next reading for: Growth leadership: deteriorating (-7.0 pts vs 5 runs ago) 4. Track the next reading for: Momentum leadership: stable (-1.0 pts vs 5 runs ago) 5. Track the next reading for: Small-cap participation: deteriorating (-9.0 pts vs 5 runs ago) 6. Track the next reading for: Breadth: stable (-2.9 pts vs 5 runs ago) ## Important limitations This is an observational regime report, not a forecast, trading signal, or personalized investment recommendation. Internal scores measure supplied market evidence and do not establish investor motives, company fundamentals, or future returns. --- # Detailed Data Appendix Daily ETF + Macro Strategist Note Generated: 2026-07-23 08:30 UTC Latest ETF price date: 2026-07-22 Lookbacks: T1=trailing 1M, T3=trailing 3M, T6=trailing 6M, T9=trailing 9M, T12=trailing 12M 1/9 Strategist Summary Strategist summary: - Current regime read: Mixed / Transitional. - ETF breadth: T1 53% | T3 79% | T6 82% | T12 100%. - QQQ vs SPY: -4.8% over T1. - RSP vs SPY: +1.1% over T1. - MTUM vs SPY: -9.4% over T1. - IWM vs SPY: -1.9% over T1. - HYG vs TLT: +2.7% over T1. - CMA-related quality/cash-generation proxy: QUAL vs SPY +0.3%, SPHQ vs SPY -5.4%, COWZ vs SPY +4.3% over T1. These are fresh ETF proxies for quality/cash-generation behavior, not substitutes for the Ken French CMA factor. - Reversal-related momentum-unwind proxy: MTUM vs SPY -9.4%, SPMO vs SPY -7.6%, VLUE vs MTUM +4.7% over T1. Weakening momentum leadership with value/recovery improvement can flag reversal pressure; this is a proxy, not the academic reversal factor. - Global vs U.S.: ACWI-SPY -1.3% over T1. - Ex-U.S. vs U.S.: VXUS-SPY -3.4% over T1. - Emerging markets vs U.S.: VWO-SPY -4.4% over T1. - Volatility is contained with VIX at 16.64. 2/9 What Changed Since Prior Run - Risk-on appetite deteriorated by 4.0 pts versus the prior run. - Growth leadership deteriorated by 1.0 pts versus the prior run. - Small-cap participation deteriorated by 18.0 pts versus the prior run. - Defensive demand increased by 4.0 pts versus the prior run. - Credit risk appetite deteriorated by 11.0 pts versus the prior run. - T1 ETF breadth deteriorated by 5.9 pts versus the prior run. - HYG vs TLT deteriorated by 0.6 percentage points versus the prior run. 3/9 Tactical Signal Dashboard - Risk backdrop: constructive. - Breadth: mixed. - Growth leadership: lagging. - Equal-weight confirmation: confirming. - Credit: confirming risk appetite. - Volatility: contained. - Defensive demand: rising. 3B/9 Regime Transition Monitor - Defensive demand is rising meaningfully versus recent runs. Tactical warnings: - No major tactical warning signals currently detected. 3C/9 Historical Context + Divergence - Concentration risk score: 34/100 (Low concentration risk / broad participation) Historical percentiles: - Risk appetite: 14th percentile - T1 breadth: 9th percentile - QQQ vs SPY: 0th percentile - RSP vs SPY: 31st percentile - Credit beta vs duration: 94th percentile - VIX: 40th percentile Regime momentum: - Risk appetite: stable (-3.0 pts vs 5 runs ago) - Growth leadership: deteriorating (-7.0 pts vs 5 runs ago) - Momentum leadership: stable (-1.0 pts vs 5 runs ago) - Small-cap participation: deteriorating (-9.0 pts vs 5 runs ago) - Breadth: stable (-2.9 pts vs 5 runs ago) - Credit risk appetite: stable (+3.0 pts vs 5 runs ago) - Defensive demand: improving (+37.0 pts vs 5 runs ago) Statistical abnormality monitor: - Breadth is moderately abnormal (-1.4σ, below normal). - Mega-cap leadership is moderately abnormal (-1.6σ, below normal). - Equal-weight participation is normal (-0.7σ, below normal). - Small-cap participation is moderately abnormal (-1.9σ, below normal). - Credit participation is moderately abnormal (+1.2σ, above normal). Percentile monitor: - Breadth is very weak (11th percentile). - Mega-cap leadership is historically rare weakness (3rd percentile). - Equal-weight participation is below average (33rd percentile). - Small-cap participation is very weak (6th percentile). - Credit participation is very strong (94th percentile). Signal deterioration monitor: - Mega-cap leadership has deteriorated for 3 consecutive observations. - Equal-weight participation has deteriorated for 3 consecutive observations. - Small-cap participation has deteriorated for 3 consecutive observations. 3D/9 Signal Defensibility Diagnostics - Market subregime: Mixed Confirmation Credit diagnostics: - Spread stress: HY spreads appear calm at 2.69. - Credit ETF confirmation: HYG is outperforming TLT by +2.7% over T1. Defensive diagnostics: - Equity defensives: 4/4 confirming versus SPY or positive over T1. - Macro defensives: 0/4 confirming versus SPY or positive over T1. Duration diagnostics: - Treasury ETF trend: TLT T1 -2.7%; IEF T1 -0.6%. - Rate impulse: 2Y 4.31 (+0.05 d/d); 10Y 4.67 (+0.04 d/d); 10Y-2Y curve 0.36 (-0.01 d/d). 4/9 Market State Dashboard Market regime: Mixed / Transitional Current regime duration: 4 runs Internal health: 64/100 (Mixed) Regime momentum: 48/100 (Stable) Regime scorecard: - Risk-on appetite: 74/100 (MEDIUM confidence) - Defensive demand: 56/100 (LOW confidence) - Growth leadership: 19/100 (HIGH confidence) - Small-cap participation: 33/100 (MEDIUM confidence) - Momentum leadership: 18/100 (HIGH confidence) - Real asset/inflation leadership: 58/100 (LOW confidence) - Credit risk appetite: 66/100 (MEDIUM confidence) - Duration support: 35/100 (MEDIUM confidence) Confirmation dashboard: Risk-on confirmations: 3/5 - Yes: SPY positive over T1 - No: QQQ outperforming SPY - Yes: HYG outperforming TLT - Yes: VIX below 20 - No: ETF breadth above 70% Defensive confirmations: 2/5 - Yes: USMV outperforming SPY - No: GLD outperforming SPY - Yes: XLU outperforming SPY - No: TLT positive over T1 - No: HY spreads widening 5/9 ETF Dashboard Market beta SPY (S&P 500): T1 +0.4%, T3 +6.4%, T6 +10.9%, T9 +13.4%, T12 +20.2% QQQ (Nasdaq 100): T1 -4.4%, T3 +9.6%, T6 +16.3%, T9 +17.2%, T12 +25.6% RSP (Equal Weight S&P 500): T1 +1.5%, T3 +5.4%, T6 +9.4%, T9 +14.5%, T12 +17.8% IWM (Russell 2000): T1 -1.5%, T3 +7.3%, T6 +12.4%, T9 +21.6%, T12 +34.1% DIA (Dow): T1 +0.9%, T3 +6.5%, T6 +8.3%, T9 +14.2%, T12 +19.4% Factor/style MTUM (Momentum): T1 -9.0%, T3 +15.8%, T6 +24.5%, T9 +24.9%, T12 +32.1% SPMO (S&P 500 Momentum): T1 -7.2%, T3 +18.7%, T6 +28.8%, T9 +25.5%, T12 +32.7% QUAL (Quality): T1 +0.7%, T3 +6.0%, T6 +9.4%, T9 +13.1%, T12 +19.0% SPHQ (S&P 500 Quality): T1 -4.9%, T3 +7.1%, T6 +12.1%, T9 +16.9%, T12 +20.6% COWZ (Free Cash Flow Yield): T1 +4.7%, T3 +2.1%, T6 +6.0%, T9 +15.3%, T12 +17.6% USMV (Min Vol): T1 +2.1%, T3 +2.6%, T6 +3.6%, T9 +3.5%, T12 +5.1% VLUE (Enhanced Value): T1 -4.3%, T3 +24.0%, T6 +37.9%, T9 +57.5%, T12 +74.8% VTV (Value): T1 +0.8%, T3 +8.6%, T6 +13.2%, T9 +20.0%, T12 +26.2% VUG (Growth): T1 -0.1%, T3 +5.2%, T6 +9.0%, T9 +7.8%, T12 +14.7% AVUV (Small Value): T1 +2.9%, T3 +7.3%, T6 +18.6%, T9 +31.0%, T12 +36.4% DFSV (Small Value Profitability): T1 +4.0%, T3 +7.1%, T6 +15.8%, T9 +28.5%, T12 +33.0% Sectors XLK (Technology): T1 -6.2%, T3 +16.7%, T6 +27.4%, T9 +27.0%, T12 +38.7% XLC (Communication Services): T1 +2.2%, T3 -6.6%, T6 -3.2%, T9 -4.1%, T12 +2.8% XLY (Consumer Discretionary): T1 -0.8%, T3 -4.0%, T6 -3.9%, T9 -2.1%, T12 +3.0% XLI (Industrials): T1 -1.6%, T3 +4.6%, T6 +9.9%, T9 +18.9%, T12 +20.2% XLF (Financials): T1 +4.4%, T3 +7.5%, T6 +6.3%, T9 +8.7%, T12 +8.6% XLE (Energy): T1 +9.5%, T3 +6.7%, T6 +26.1%, T9 +40.8%, T12 +43.5% XLB (Materials): T1 -1.5%, T3 -1.5%, T6 +6.3%, T9 +17.2%, T12 +14.1% XLV (Healthcare): T1 +6.2%, T3 +9.7%, T6 +3.5%, T9 +12.7%, T12 +23.7% XLP (Consumer Staples): T1 +2.7%, T3 +3.8%, T6 +3.7%, T9 +8.0%, T12 +7.2% XLU (Utilities): T1 +2.7%, T3 +2.8%, T6 +8.3%, T9 +2.4%, T12 +12.4% XLRE (Real Estate): T1 +2.2%, T3 +3.7%, T6 +10.4%, T9 +9.9%, T12 +10.9% Global/international ACWI (Global Equities): T1 -0.9%, T3 +5.7%, T6 +10.4%, T9 +14.4%, T12 +21.9% VXUS (Total International ex-US): T1 -3.0%, T3 +3.6%, T6 +9.3%, T9 +16.6%, T12 +25.0% VEA (Developed Markets ex-US): T1 -2.6%, T3 +4.5%, T6 +10.4%, T9 +18.9%, T12 +27.2% IEFA (EAFE Developed Markets): T1 -0.3%, T3 +3.9%, T6 +7.9%, T9 +14.2%, T12 +21.1% VWO (Emerging Markets): T1 -4.0%, T3 +1.2%, T6 +6.0%, T9 +10.4%, T12 +18.9% EEM (Emerging Markets): T1 -8.7%, T3 +4.9%, T6 +14.0%, T9 +22.3%, T12 +34.1% EWJ (Japan): T1 -4.9%, T3 +6.4%, T6 +10.7%, T9 +17.3%, T12 +32.4% EWU (United Kingdom): T1 +3.4%, T3 +2.1%, T6 +7.2%, T9 +16.1%, T12 +22.1% EWQ (France): T1 +0.7%, T3 +2.7%, T6 +4.6%, T9 +3.6%, T12 +8.9% EWG (Germany): T1 -0.6%, T3 +0.2%, T6 -0.9%, T9 +1.8%, T12 -0.7% MCHI (China): T1 +1.3%, T3 -7.3%, T6 -12.5%, T9 -13.8%, T12 -5.6% FXI (China Large Cap): T1 +3.0%, T3 -6.5%, T6 -10.8%, T9 -12.3%, T12 -8.2% INDA (India): T1 -3.4%, T3 -3.2%, T6 -6.8%, T9 -11.4%, T12 -11.9% EWC (Canada): T1 +2.4%, T3 +3.0%, T6 +8.8%, T9 +19.5%, T12 +28.6% EWA (Australia): T1 +1.4%, T3 -0.7%, T6 +10.6%, T9 +10.6%, T12 +12.9% Macro assets GLD (Gold): T1 -1.4%, T3 -11.7%, T6 -13.3%, T9 -2.5%, T12 +21.1% DBC (Commodities): T1 +8.9%, T3 +2.2%, T6 +27.2%, T9 +39.5%, T12 +37.3% TLT (Long Treasuries): T1 -2.7%, T3 -2.5%, T6 -1.5%, T9 -5.4%, T12 +1.4% IEF (Intermediate Treasuries): T1 -0.6%, T3 -1.5%, T6 -0.7%, T9 -1.6%, T12 +2.1% HYG (High Yield Credit): T1 -0.1%, T3 +0.4%, T6 +1.3%, T9 +3.0%, T12 +4.9% LQD (Investment Grade Credit): T1 -1.6%, T3 -1.6%, T6 -0.7%, T9 -1.7%, T12 +2.6% UUP (US Dollar): T1 +0.3%, T3 +3.6%, T6 +4.6%, T9 +6.0%, T12 +8.0% 6/9 Relative Leadership Growth/mega-cap vs broad market: QQQ-SPY | T1 -4.8%, T3 +3.2%, T6 +5.4%, T9 +3.8%, T12 +5.4% Equal-weight vs cap-weight: RSP-SPY | T1 +1.1%, T3 -1.0%, T6 -1.5%, T9 +1.1%, T12 -2.4% Small caps vs large caps: IWM-SPY | T1 -1.9%, T3 +0.9%, T6 +1.5%, T9 +8.2%, T12 +13.9% Momentum vs broad market: MTUM-SPY | T1 -9.4%, T3 +9.4%, T6 +13.6%, T9 +11.5%, T12 +11.9% S&P 500 momentum vs broad market: SPMO-SPY | T1 -7.6%, T3 +12.2%, T6 +18.0%, T9 +12.0%, T12 +12.5% Quality vs broad market: QUAL-SPY | T1 +0.3%, T3 -0.5%, T6 -1.5%, T9 -0.3%, T12 -1.2% S&P 500 quality vs broad market: SPHQ-SPY | T1 -5.4%, T3 +0.7%, T6 +1.2%, T9 +3.4%, T12 +0.4% Free-cash-flow yield vs broad market: COWZ-SPY | T1 +4.3%, T3 -4.4%, T6 -4.9%, T9 +1.9%, T12 -2.5% Minimum volatility vs broad market: USMV-SPY | T1 +1.7%, T3 -3.8%, T6 -7.3%, T9 -9.9%, T12 -15.1% Enhanced value vs momentum: VLUE-MTUM | T1 +4.7%, T3 +8.2%, T6 +13.4%, T9 +32.6%, T12 +42.7% Value vs growth: VTV-VUG | T1 +1.0%, T3 +3.4%, T6 +4.2%, T9 +12.2%, T12 +11.5% Consumer discretionary vs staples: XLY-XLP | T1 -3.5%, T3 -7.8%, T6 -7.6%, T9 -10.2%, T12 -4.3% Industrials vs utilities: XLI-XLU | T1 -4.3%, T3 +1.7%, T6 +1.6%, T9 +16.5%, T12 +7.9% Energy vs technology: XLE-XLK | T1 +15.7%, T3 -10.0%, T6 -1.3%, T9 +13.8%, T12 +4.8% Gold vs equities: GLD-SPY | T1 -1.8%, T3 -18.2%, T6 -24.2%, T9 -16.0%, T12 +0.9% Credit beta vs duration: HYG-TLT | T1 +2.7%, T3 +3.0%, T6 +2.8%, T9 +8.3%, T12 +3.5% Global equities vs U.S.: ACWI-SPY | T1 -1.3%, T3 -0.7%, T6 -0.5%, T9 +1.0%, T12 +1.7% Ex-U.S. equities vs U.S.: VXUS-SPY | T1 -3.4%, T3 -2.8%, T6 -1.6%, T9 +3.1%, T12 +4.8% Developed ex-U.S. vs U.S.: VEA-SPY | T1 -3.0%, T3 -1.9%, T6 -0.4%, T9 +5.5%, T12 +7.0% EAFE developed markets vs U.S.: IEFA-SPY | T1 -0.7%, T3 -2.5%, T6 -3.0%, T9 +0.7%, T12 +0.9% Emerging markets vs U.S.: VWO-SPY | T1 -4.4%, T3 -5.3%, T6 -4.9%, T9 -3.0%, T12 -1.3% Emerging markets vs developed ex-U.S.: VWO-VEA | T1 -1.3%, T3 -3.3%, T6 -4.4%, T9 -8.5%, T12 -8.3% Japan vs EAFE developed markets: EWJ-IEFA | T1 -4.6%, T3 +2.4%, T6 +2.8%, T9 +3.1%, T12 +11.3% China vs emerging markets: MCHI-VWO | T1 +5.3%, T3 -8.4%, T6 -18.5%, T9 -24.2%, T12 -24.5% India vs emerging markets: INDA-VWO | T1 +0.6%, T3 -4.3%, T6 -12.8%, T9 -21.8%, T12 -30.8% 6B/9 Global / International Confirmation Global risk appetite score: 38/100 (Mixed global confirmation) Global relative leadership: - Global equities vs U.S.: ACWI-SPY -1.3% over T1 - Ex-U.S. equities vs U.S.: VXUS-SPY -3.4% over T1 - Developed ex-U.S. vs U.S.: VEA-SPY -3.0% over T1 - EAFE developed markets vs U.S.: IEFA-SPY -0.7% over T1 - Emerging markets vs U.S.: VWO-SPY -4.4% over T1 - Emerging markets vs developed ex-U.S.: VWO-VEA -1.3% over T1 - Japan vs EAFE developed markets: EWJ-IEFA -4.6% over T1 - China vs emerging markets: MCHI-VWO +5.3% over T1 - India vs emerging markets: INDA-VWO +0.6% over T1 - Dollar backdrop: UUP T1 +0.3% Global read-through: global equities are lagging U.S. equities; ex-U.S. equities are not confirming U.S. leadership; emerging markets are lagging; developed ex-U.S. is leading EM. 7/9 U.S. Leaders and Laggards Strongest U.S. trend scores: + VLUE (Enhanced Value): T1 -4.3%, T6 +37.9%, T12 +74.8%, Persistence 4/5, Acceleration -10.6%, Decelerating leadership + XLE (Energy): T1 +9.5%, T6 +26.1%, T12 +43.5%, Persistence 5/5, Acceleration +5.2%, Persistent / accelerating + DBC (Commodities): T1 +8.9%, T6 +27.2%, T12 +37.3%, Persistence 5/5, Acceleration +4.4%, Persistent / accelerating + XLK (Technology): T1 -6.2%, T6 +27.4%, T12 +38.7%, Persistence 4/5, Acceleration -10.7%, Decelerating leadership + SPMO (S&P 500 Momentum): T1 -7.2%, T6 +28.8%, T12 +32.7%, Persistence 4/5, Acceleration -12.0%, Decelerating leadership + AVUV (Small Value): T1 +2.9%, T6 +18.6%, T12 +36.4%, Persistence 5/5, Acceleration -0.2%, Decelerating leadership + DFSV (Small Value Profitability): T1 +4.0%, T6 +15.8%, T12 +33.0%, Persistence 5/5, Acceleration +1.3%, Decelerating leadership + MTUM (Momentum): T1 -9.0%, T6 +24.5%, T12 +32.1%, Persistence 4/5, Acceleration -13.1%, Decelerating leadership Weakest U.S. trend scores: - GLD (Gold): T1 -1.4%, T6 -13.3%, T12 +21.1%, Persistence 1/5, Acceleration +0.8%, Accelerating leadership - TLT (Long Treasuries): T1 -2.7%, T6 -1.5%, T12 +1.4%, Persistence 1/5, Acceleration -2.5%, Decelerating leadership - XLY (Consumer Discretionary): T1 -0.8%, T6 -3.9%, T12 +3.0%, Persistence 1/5, Acceleration -0.2%, Long-term leader, short-term fading - XLC (Communication Services): T1 +2.2%, T6 -3.2%, T12 +2.8%, Persistence 2/5, Acceleration +2.7%, Emerging tactical leadership - LQD (Investment Grade Credit): T1 -1.6%, T6 -0.7%, T12 +2.6%, Persistence 1/5, Acceleration -1.5%, Decelerating leadership - IEF (Intermediate Treasuries): T1 -0.6%, T6 -0.7%, T12 +2.1%, Persistence 1/5, Acceleration -0.5%, Long-term leader, short-term fading - HYG (High Yield Credit): T1 -0.1%, T6 +1.3%, T12 +4.9%, Persistence 4/5, Acceleration -0.3%, Decelerating leadership - USMV (Min Vol): T1 +2.1%, T6 +3.6%, T12 +5.1%, Persistence 5/5, Acceleration +1.5%, Decelerating leadership 7B/9 Global Leaders and Laggards Strongest global trend scores: + EWC (Canada): T1 +2.4%, T6 +8.8%, T12 +28.6%, Persistence 5/5, Acceleration +0.9%, Decelerating leadership + EWJ (Japan): T1 -4.9%, T6 +10.7%, T12 +32.4%, Persistence 4/5, Acceleration -6.7%, Decelerating leadership + EEM (Emerging Markets): T1 -8.7%, T6 +14.0%, T12 +34.1%, Persistence 4/5, Acceleration -11.1%, Decelerating leadership + VEA (Developed Markets ex-US): T1 -2.6%, T6 +10.4%, T12 +27.2%, Persistence 4/5, Acceleration -4.4%, Decelerating leadership + ACWI (Global Equities): T1 -0.9%, T6 +10.4%, T12 +21.9%, Persistence 4/5, Acceleration -2.6%, Decelerating leadership Weakest global trend scores: - MCHI (China): T1 +1.3%, T6 -12.5%, T12 -5.6%, Persistence 1/5, Acceleration +3.4%, Accelerating leadership - INDA (India): T1 -3.4%, T6 -6.8%, T12 -11.9%, Persistence 0/5, Acceleration -2.3%, Weak / failed leadership - FXI (China Large Cap): T1 +3.0%, T6 -10.8%, T12 -8.2%, Persistence 1/5, Acceleration +4.8%, Accelerating leadership - EWG (Germany): T1 -0.6%, T6 -0.9%, T12 -0.7%, Persistence 2/5, Acceleration -0.4%, Mixed / transitional - EWQ (France): T1 +0.7%, T6 +4.6%, T12 +8.9%, Persistence 5/5, Acceleration -0.1%, Decelerating leadership 8/9 Macro Snapshot VIX: 16.64 (-0.41 d/d) as of 2026-07-22 3M Treasury: 3.89 (+0.02 d/d) as of 2026-07-22 2Y Treasury: 4.31 (+0.05 d/d) as of 2026-07-22 10Y Treasury: 4.67 (+0.04 d/d) as of 2026-07-22 10Y-2Y Curve: 0.36 (-0.01 d/d) as of 2026-07-22 HY Spread: 2.69 (+0.00 d/d) as of 2026-07-21 IG Spread: 0.78 (+0.00 d/d) as of 2026-07-21