# The Market Fieldbook — Daily Market Snapshot

- **Snapshot Date:** 2026-07-14 13:30 UTC  
- **Latest Market Data Date:** 2026-07-13  
- **Current Regime:** Broad Risk-On  
- **Internal Health:** 83/100 (Healthy)  
- **Regime Momentum:** 49/100 (Stable)  

> How to read this report

## The market in one minute

The current regime is Broad Risk-On, indicating a generally supportive environment for risk assets. However, several internal signals are showing signs of change. Specifically, risk-on appetite, growth leadership, momentum leadership, and small-cap participation have all deteriorated since the last snapshot. These changes are not yet persistent, as they have occurred over a limited number of observations. The primary watch item is the small-cap participation score, which has shown consistent deterioration over three consecutive snapshots.

## Current field read

| Area                      | Current level | Recent direction | Plain-English interpretation                          |
|---------------------------|---------------|------------------|------------------------------------------------------|
| Risk-on appetite          | 90            | Weakening        | The risk appetite is high but has weakened recently. |
| Defensive demand          | 26            | Weakening        | Demand for defensive assets is low and declining.    |
| Growth leadership         | 40            | Weakening        | Growth leadership is lagging and deteriorating.      |
| Small-cap participation    | 57            | Deteriorating    | Small-cap participation has declined recently.       |
| Momentum leadership       | 47            | Weakening        | Momentum leadership is weakening.                     |
| Credit risk appetite      | 60            | Improving        | Credit risk appetite is moderate and improving.      |
| Duration support          | 31            | Weakening        | Support for duration is low and declining.           |

## What changed in the latest snapshot

Changes observed since the prior snapshot include a deterioration in risk-on appetite by 3.0 points, growth leadership by 9.0 points, momentum leadership by 11.0 points, and small-cap participation by 6.0 points. Conversely, credit risk appetite improved by 1.0 points. Additionally, T1 ETF breadth decreased by 2.9 points, QQQ underperformed SPY by 0.7 percentage points, and the VIX rose by 2.1 points. These changes reflect a shift in the internal dynamics of the market, rather than a single trading session's fluctuations.

## What the pattern is saying

1. The risk backdrop remains constructive, but recent weakening in risk-on appetite suggests caution.
2. Breadth is healthy, indicating a broad participation in the market, although it has slightly deteriorated.
3. Growth leadership is lagging, which may impact overall market sentiment if it continues.
4. Small-cap participation has shown persistent deterioration, indicating potential challenges for smaller companies.
5. Credit risk appetite is confirming, suggesting that investors are still willing to take on some risk.

## Why this matters

Academic factor portfolios separate broad market performance from returns associated with size, valuation, profitability, corporate investment, momentum, and reversal characteristics.

## What would change the conclusion

A significant improvement in multiple signals, particularly in growth leadership and small-cap participation, would be necessary to change the current conclusion. Conversely, further deterioration in risk-on appetite or a rise in volatility could also invalidate the current regime.

## What to watch in the next snapshots

1. Monitor the small-cap participation score for signs of stabilization or further decline.
2. Watch for any changes in growth leadership and momentum leadership scores.
3. Observe the behavior of credit risk appetite and its impact on overall market sentiment.
4. Keep an eye on volatility levels, particularly the VIX, for indications of market stress.
5. Assess breadth participation to determine if it continues to support the current regime.

## What weakened

No canonical factor had a negative 1M return.

## One-month move versus broader pattern

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# Detailed Data Appendix

Daily ETF + Macro Strategist Note
Generated: 2026-07-14 13:30 UTC
Latest ETF price date: 2026-07-13
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: Broad Risk-On.
- ETF breadth: T1 79% | T3 76% | T6 82% | T12 100%.
- QQQ vs SPY: -0.8% over T1.
- RSP vs SPY: +0.6% over T1.
- MTUM vs SPY: -0.2% over T1.
- IWM vs SPY: +0.8% over T1.
- HYG vs TLT: +1.2% over T1.
- CMA-related quality/cash-generation proxy: QUAL vs SPY -0.4%, SPHQ vs SPY -0.2%, COWZ vs SPY -1.1% 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 -0.2%, SPMO vs SPY +0.8%, VLUE vs MTUM -1.3% 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 -0.4% over T1.
- Ex-U.S. vs U.S.: VXUS-SPY -1.6% over T1.
- Emerging markets vs U.S.: VWO-SPY -1.6% over T1.
- Volatility is contained with VIX at 17.16.

2/9 What Changed Since Prior Run
- Risk-on appetite deteriorated by 3.0 pts versus the prior run.
- Growth leadership deteriorated by 9.0 pts versus the prior run.
- Momentum leadership deteriorated by 11.0 pts versus the prior run.
- Small-cap participation deteriorated by 6.0 pts versus the prior run.
- Credit risk appetite improved by 1.0 pts versus the prior run.
- T1 ETF breadth deteriorated by 2.9 pts versus the prior run.
- QQQ vs SPY deteriorated by 0.7 percentage points versus the prior run.
- VIX rose by 2.1 pts versus the prior run.

3/9 Tactical Signal Dashboard
- Risk backdrop: constructive.
- Breadth: healthy.
- Growth leadership: lagging.
- Equal-weight confirmation: confirming.
- Credit: confirming risk appetite.
- Volatility: contained.
- Defensive demand: low.

3B/9 Regime Transition Monitor
- Breadth participation is improving, suggesting broader market confirmation.

Tactical warnings:
- No major tactical warning signals currently detected.
- Breadth thrust detected: T1 breadth improved from 58% to 79% over 5 observations.

3C/9 Historical Context + Divergence
- Concentration risk score: 41/100 (Moderate concentration risk / mixed participation)

Historical percentiles:
- Risk appetite: 86th percentile
- T1 breadth: 89th percentile
- QQQ vs SPY: 21st percentile
- RSP vs SPY: 18th percentile
- Credit beta vs duration: 96th percentile
- VIX: 54th percentile

Regime momentum:
- Risk appetite: stable (-1.0 pts vs 5 runs ago)
- Growth leadership: improving (+15.0 pts vs 5 runs ago)
- Momentum leadership: improving (+19.0 pts vs 5 runs ago)
- Small-cap participation: deteriorating (-20.0 pts vs 5 runs ago)
- Breadth: improving (+11.7 pts vs 5 runs ago)
- Credit risk appetite: improving (+7.0 pts vs 5 runs ago)
- Defensive demand: deteriorating (-21.0 pts vs 5 runs ago)

Statistical abnormality monitor:
- Breadth is outside its recent limited-history range (+1.0σ, above its recent limited-history average).
- Mega-cap leadership is near its recent limited-history average (-0.6σ, below its recent limited-history average).
- Equal-weight participation is outside its recent limited-history range (-1.8σ, below its recent limited-history average).
- Small-cap participation is historically extreme (-2.3σ, below its recent limited-history average).
- Credit participation is outside its recent limited-history range (+1.4σ, above its recent limited-history average).

Percentile monitor:
- Breadth is strong in limited history (90th percentile).
- Mega-cap leadership is below average (24th percentile).
- Equal-weight participation is below average (21st percentile).
- Small-cap participation is below average (31st percentile).
- Credit participation is highest reading in limited history so far (97th percentile).

Signal deterioration monitor:
- Small-cap participation has deteriorated for 3 consecutive observations.

3D/9 Signal Defensibility Diagnostics
- Market subregime: Constructive Broadening
- History sample note: 29 daily observations are available.
- Historical context is improving, but percentile language is still based on a short sample.
Credit diagnostics:
- Spread stress: HY spreads appear calm at 2.69.
- Credit ETF confirmation: HYG is outperforming TLT by +1.2% over T1.
Defensive diagnostics:
- Equity defensives: 2/4 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 -0.7%; IEF T1 -0.1%.
- Rate impulse: 2Y 4.26 (+0.05 d/d); 10Y 4.62 (+0.06 d/d); 10Y-2Y curve 0.36 (+0.01 d/d).

4/9 Market State Dashboard
Market regime: Broad Risk-On
Current regime duration: 2 runs
Internal health: 83/100 (Healthy)
Regime momentum: 49/100 (Stable)

Regime scorecard:
- Risk-on appetite: 90/100 (HIGH confidence)
- Defensive demand: 26/100 (MEDIUM confidence)
- Growth leadership: 40/100 (LOW confidence)
- Small-cap participation: 57/100 (LOW confidence)
- Momentum leadership: 47/100 (LOW confidence)
- Real asset/inflation leadership: 16/100 (HIGH confidence)
- Credit risk appetite: 60/100 (LOW confidence)
- Duration support: 31/100 (MEDIUM confidence)

Confirmation dashboard:
Risk-on confirmations: 4/5
- Yes: SPY positive over T1
- No: QQQ outperforming SPY
- Yes: HYG outperforming TLT
- Yes: VIX below 20
- Yes: ETF breadth above 70%
Defensive confirmations: 1/5
- No: 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 +3.5%, T3 +10.5%, T6 +9.2%, T9 +12.2%, T12 +21.0%
QQQ (Nasdaq 100): T1 +2.7%, T3 +16.6%, T6 +15.0%, T9 +16.8%, T12 +28.8%
RSP (Equal Weight S&P 500): T1 +4.1%, T3 +9.4%, T6 +9.9%, T9 +13.5%, T12 +17.2%
IWM (Russell 2000): T1 +4.3%, T3 +12.6%, T6 +14.1%, T9 +19.8%, T12 +31.9%
DIA (Dow): T1 +5.1%, T3 +9.8%, T6 +7.3%, T9 +13.8%, T12 +19.2%

Factor/style
MTUM (Momentum): T1 +3.3%, T3 +19.6%, T6 +24.4%, T9 +23.5%, T12 +33.4%
SPMO (S&P 500 Momentum): T1 +4.4%, T3 +21.6%, T6 +26.4%, T9 +24.1%, T12 +34.3%
QUAL (Quality): T1 +3.2%, T3 +9.8%, T6 +8.4%, T9 +11.9%, T12 +19.4%
SPHQ (S&P 500 Quality): T1 +3.3%, T3 +10.5%, T6 +14.2%, T9 +18.6%, T12 +22.4%
COWZ (Free Cash Flow Yield): T1 +2.4%, T3 +5.1%, T6 +4.7%, T9 +14.1%, T12 +15.4%
USMV (Min Vol): T1 +3.1%, T3 +5.8%, T6 +4.2%, T9 +3.7%, T12 +6.3%
VLUE (Enhanced Value): T1 +2.0%, T3 +27.8%, T6 +37.2%, T9 +54.8%, T12 +70.3%
VTV (Value): T1 +4.2%, T3 +9.5%, T6 +13.3%, T9 +19.1%, T12 +24.8%
VUG (Growth): T1 +3.1%, T3 +12.2%, T6 +6.1%, T9 +6.5%, T12 +17.3%
AVUV (Small Value): T1 +2.6%, T3 +8.5%, T6 +16.4%, T9 +25.4%, T12 +31.3%
DFSV (Small Value Profitability): T1 +2.8%, T3 +8.0%, T6 +13.7%, T9 +22.5%, T12 +26.8%

Sectors
XLK (Technology): T1 +2.8%, T3 +27.3%, T6 +26.0%, T9 +25.2%, T12 +41.8%
XLC (Communication Services): T1 +0.8%, T3 -1.8%, T6 -4.5%, T9 -2.6%, T12 +5.9%
XLY (Consumer Discretionary): T1 +2.5%, T3 +3.0%, T6 -5.2%, T9 -1.2%, T12 +5.7%
XLI (Industrials): T1 +6.6%, T3 +5.4%, T6 +13.2%, T9 +16.9%, T12 +21.2%
XLF (Financials): T1 +7.7%, T3 +10.8%, T6 +1.2%, T9 +6.1%, T12 +8.0%
XLE (Energy): T1 -1.9%, T3 +0.4%, T6 +23.6%, T9 +30.4%, T12 +31.9%
XLB (Materials): T1 +2.4%, T3 -2.3%, T6 +7.4%, T9 +14.0%, T12 +11.6%
XLV (Healthcare): T1 +6.1%, T3 +10.1%, T6 +3.0%, T9 +13.1%, T12 +20.5%
XLP (Consumer Staples): T1 -0.4%, T3 +3.4%, T6 +9.2%, T9 +11.0%, T12 +7.2%
XLU (Utilities): T1 +4.6%, T3 -2.0%, T6 +10.3%, T9 +2.8%, T12 +13.8%
XLRE (Real Estate): T1 +0.2%, T3 +5.3%, T6 +12.3%, T9 +11.1%, T12 +11.1%

Global/international
ACWI (Global Equities): T1 +3.1%, T3 +8.2%, T6 +9.2%, T9 +13.1%, T12 +21.9%
VXUS (Total International ex-US): T1 +1.9%, T3 +3.6%, T6 +9.0%, T9 +15.1%, T12 +24.1%
VEA (Developed Markets ex-US): T1 +1.9%, T3 +3.5%, T6 +9.9%, T9 +17.4%, T12 +25.2%
IEFA (EAFE Developed Markets): T1 +3.0%, T3 +2.5%, T6 +7.0%, T9 +12.6%, T12 +18.8%
VWO (Emerging Markets): T1 +2.0%, T3 +3.7%, T6 +6.4%, T9 +9.1%, T12 +21.5%
EEM (Emerging Markets): T1 +0.3%, T3 +7.1%, T6 +14.0%, T9 +20.7%, T12 +35.8%
EWJ (Japan): T1 +4.4%, T3 +5.8%, T6 +12.5%, T9 +18.3%, T12 +32.6%
EWU (United Kingdom): T1 +2.7%, T3 -1.4%, T6 +5.4%, T9 +12.3%, T12 +19.0%
EWQ (France): T1 +1.4%, T3 +0.1%, T6 +1.0%, T9 +4.1%, T12 +5.4%
EWG (Germany): T1 +1.9%, T3 +1.1%, T6 -2.9%, T9 -0.7%, T12 -1.9%
MCHI (China): T1 -2.3%, T3 -7.5%, T6 -15.1%, T9 -19.1%, T12 -2.7%
FXI (China Large Cap): T1 -3.0%, T3 -7.1%, T6 -14.5%, T9 -17.0%, T12 -6.7%
INDA (India): T1 +3.2%, T3 -1.1%, T6 -9.2%, T9 -7.3%, T12 -11.7%
EWC (Canada): T1 +2.2%, T3 +4.0%, T6 +8.3%, T9 +16.4%, T12 +28.3%
EWA (Australia): T1 +2.0%, T3 -3.7%, T6 +9.0%, T9 +7.4%, T12 +10.0%

Macro assets
GLD (Gold): T1 -2.0%, T3 -16.0%, T6 -10.8%, T9 -1.4%, T12 +19.9%
DBC (Commodities): T1 -2.9%, T3 -0.6%, T6 +23.8%, T9 +28.7%, T12 +31.8%
TLT (Long Treasuries): T1 -0.7%, T3 -1.8%, T6 -1.7%, T9 -2.7%, T12 +0.9%
IEF (Intermediate Treasuries): T1 -0.1%, T3 -1.1%, T6 -1.1%, T9 -0.4%, T12 +2.3%
HYG (High Yield Credit): T1 +0.5%, T3 +0.9%, T6 +1.2%, T9 +3.0%, T12 +5.2%
LQD (Investment Grade Credit): T1 -0.8%, T3 -0.9%, T6 -0.8%, T9 -0.6%, T12 +2.9%
UUP (US Dollar): T1 +1.6%, T3 +3.9%, T6 +4.5%, T9 +5.9%, T12 +8.6%

6/9 Relative Leadership
Growth/mega-cap vs broad market: QQQ-SPY | T1 -0.8%, T3 +6.1%, T6 +5.8%, T9 +4.6%, T12 +7.7%
Equal-weight vs cap-weight: RSP-SPY | T1 +0.6%, T3 -1.2%, T6 +0.7%, T9 +1.3%, T12 -3.8%
Small caps vs large caps: IWM-SPY | T1 +0.8%, T3 +2.0%, T6 +4.9%, T9 +7.6%, T12 +10.9%
Momentum vs broad market: MTUM-SPY | T1 -0.2%, T3 +9.0%, T6 +15.2%, T9 +11.3%, T12 +12.3%
S&P 500 momentum vs broad market: SPMO-SPY | T1 +0.8%, T3 +11.0%, T6 +17.1%, T9 +11.9%, T12 +13.3%
Quality vs broad market: QUAL-SPY | T1 -0.4%, T3 -0.7%, T6 -0.8%, T9 -0.3%, T12 -1.7%
S&P 500 quality vs broad market: SPHQ-SPY | T1 -0.2%, T3 -0.1%, T6 +5.0%, T9 +6.4%, T12 +1.3%
Free-cash-flow yield vs broad market: COWZ-SPY | T1 -1.1%, T3 -5.4%, T6 -4.5%, T9 +1.9%, T12 -5.6%
Minimum volatility vs broad market: USMV-SPY | T1 -0.5%, T3 -4.7%, T6 -5.0%, T9 -8.5%, T12 -14.8%
Enhanced value vs momentum: VLUE-MTUM | T1 -1.3%, T3 +8.3%, T6 +12.8%, T9 +31.3%, T12 +36.9%
Value vs growth: VTV-VUG | T1 +1.1%, T3 -2.7%, T6 +7.2%, T9 +12.6%, T12 +7.5%
Consumer discretionary vs staples: XLY-XLP | T1 +2.8%, T3 -0.4%, T6 -14.4%, T9 -12.2%, T12 -1.5%
Industrials vs utilities: XLI-XLU | T1 +2.0%, T3 +7.4%, T6 +2.9%, T9 +14.1%, T12 +7.4%
Energy vs technology: XLE-XLK | T1 -4.6%, T3 -26.9%, T6 -2.4%, T9 +5.2%, T12 -9.9%
Gold vs equities: GLD-SPY | T1 -5.5%, T3 -26.6%, T6 -20.0%, T9 -13.6%, T12 -1.1%
Credit beta vs duration: HYG-TLT | T1 +1.2%, T3 +2.8%, T6 +2.9%, T9 +5.8%, T12 +4.3%
Global equities vs U.S.: ACWI-SPY | T1 -0.4%, T3 -2.3%, T6 -0.1%, T9 +0.8%, T12 +0.9%
Ex-U.S. equities vs U.S.: VXUS-SPY | T1 -1.6%, T3 -7.0%, T6 -0.2%, T9 +2.9%, T12 +3.0%
Developed ex-U.S. vs U.S.: VEA-SPY | T1 -1.6%, T3 -7.0%, T6 +0.6%, T9 +5.2%, T12 +4.1%
EAFE developed markets vs U.S.: IEFA-SPY | T1 -0.5%, T3 -8.0%, T6 -2.2%, T9 +0.4%, T12 -2.3%
Emerging markets vs U.S.: VWO-SPY | T1 -1.6%, T3 -6.8%, T6 -2.8%, T9 -3.1%, T12 +0.4%
Emerging markets vs developed ex-U.S.: VWO-VEA | T1 +0.1%, T3 +0.2%, T6 -3.4%, T9 -8.3%, T12 -3.7%
Japan vs EAFE developed markets: EWJ-IEFA | T1 +1.4%, T3 +3.3%, T6 +5.5%, T9 +5.7%, T12 +13.8%
China vs emerging markets: MCHI-VWO | T1 -4.3%, T3 -11.2%, T6 -21.5%, T9 -28.2%, T12 -24.2%
India vs emerging markets: INDA-VWO | T1 +1.2%, T3 -4.8%, T6 -15.6%, T9 -16.4%, T12 -33.2%

6B/9 Global / International Confirmation
Global risk appetite score: 41/100 (Mixed global confirmation)

Global relative leadership:
- Global equities vs U.S.: ACWI-SPY -0.4% over T1
- Ex-U.S. equities vs U.S.: VXUS-SPY -1.6% over T1
- Developed ex-U.S. vs U.S.: VEA-SPY -1.6% over T1
- EAFE developed markets vs U.S.: IEFA-SPY -0.5% over T1
- Emerging markets vs U.S.: VWO-SPY -1.6% over T1
- Emerging markets vs developed ex-U.S.: VWO-VEA +0.1% over T1
- Japan vs EAFE developed markets: EWJ-IEFA +1.4% over T1
- China vs emerging markets: MCHI-VWO -4.3% over T1
- India vs emerging markets: INDA-VWO +1.2% over T1
- Dollar backdrop: UUP T1 +1.6%

Global read-through: global equities are lagging U.S. equities; ex-U.S. equities are not confirming U.S. leadership; emerging markets are lagging; EM is leading developed ex-U.S..

7/9 U.S. Leaders and Laggards
Strongest U.S. trend scores:
+ VLUE (Enhanced Value): T1 +2.0%, T6 +37.2%, T12 +70.3%, Persistence 5/5, Acceleration -4.2%, Decelerating leadership
+ XLK (Technology): T1 +2.8%, T6 +26.0%, T12 +41.8%, Persistence 5/5, Acceleration -1.6%, Persistent leadership
+ SPMO (S&P 500 Momentum): T1 +4.4%, T6 +26.4%, T12 +34.3%, Persistence 5/5, Acceleration -0.0%, Decelerating leadership
+ MTUM (Momentum): T1 +3.3%, T6 +24.4%, T12 +33.4%, Persistence 5/5, Acceleration -0.8%, Decelerating leadership
+ IWM (Russell 2000): T1 +4.3%, T6 +14.1%, T12 +31.9%, Persistence 5/5, Acceleration +1.9%, Decelerating leadership
+ QQQ (Nasdaq 100): T1 +2.7%, T6 +15.0%, T12 +28.8%, Persistence 5/5, Acceleration +0.2%, Persistent leadership
+ AVUV (Small Value): T1 +2.6%, T6 +16.4%, T12 +31.3%, Persistence 5/5, Acceleration -0.2%, Decelerating leadership
+ XLE (Energy): T1 -1.9%, T6 +23.6%, T12 +31.9%, Persistence 4/5, Acceleration -5.8%, Decelerating leadership

Weakest U.S. trend scores:
- GLD (Gold): T1 -2.0%, T6 -10.8%, T12 +19.9%, Persistence 1/5, Acceleration -0.2%, Long-term leader, short-term fading
- TLT (Long Treasuries): T1 -0.7%, T6 -1.7%, T12 +0.9%, Persistence 1/5, Acceleration -0.4%, Long-term leader, short-term fading
- XLC (Communication Services): T1 +0.8%, T6 -4.5%, T12 +5.9%, Persistence 2/5, Acceleration +1.5%, Accelerating leadership
- LQD (Investment Grade Credit): T1 -0.8%, T6 -0.8%, T12 +2.9%, Persistence 1/5, Acceleration -0.6%, Long-term leader, short-term fading
- IEF (Intermediate Treasuries): T1 -0.1%, T6 -1.1%, T12 +2.3%, Persistence 1/5, Acceleration +0.1%, Accelerating leadership
- XLY (Consumer Discretionary): T1 +2.5%, T6 -5.2%, T12 +5.7%, Persistence 3/5, Acceleration +3.3%, Emerging tactical leadership
- HYG (High Yield Credit): T1 +0.5%, T6 +1.2%, T12 +5.2%, Persistence 5/5, Acceleration +0.3%, Decelerating leadership
- UUP (US Dollar): T1 +1.6%, T6 +4.5%, T12 +8.6%, Persistence 5/5, Acceleration +0.9%, Decelerating leadership

7B/9 Global Leaders and Laggards
Strongest global trend scores:
+ EEM (Emerging Markets): T1 +0.3%, T6 +14.0%, T12 +35.8%, Persistence 5/5, Acceleration -2.1%, Decelerating leadership
+ EWJ (Japan): T1 +4.4%, T6 +12.5%, T12 +32.6%, Persistence 5/5, Acceleration +2.3%, Persistent / accelerating
+ ACWI (Global Equities): T1 +3.1%, T6 +9.2%, T12 +21.9%, Persistence 5/5, Acceleration +1.6%, Decelerating leadership
+ EWC (Canada): T1 +2.2%, T6 +8.3%, T12 +28.3%, Persistence 5/5, Acceleration +0.9%, Decelerating leadership
+ VEA (Developed Markets ex-US): T1 +1.9%, T6 +9.9%, T12 +25.2%, Persistence 5/5, Acceleration +0.3%, Decelerating leadership

Weakest global trend scores:
- FXI (China Large Cap): T1 -3.0%, T6 -14.5%, T12 -6.7%, Persistence 0/5, Acceleration -0.6%, Accelerating leadership
- MCHI (China): T1 -2.3%, T6 -15.1%, T12 -2.7%, Persistence 0/5, Acceleration +0.2%, Accelerating leadership
- INDA (India): T1 +3.2%, T6 -9.2%, T12 -11.7%, Persistence 1/5, Acceleration +4.7%, Accelerating leadership
- EWG (Germany): T1 +1.9%, T6 -2.9%, T12 -1.9%, Persistence 2/5, Acceleration +2.4%, Accelerating leadership
- EWQ (France): T1 +1.4%, T6 +1.0%, T12 +5.4%, Persistence 5/5, Acceleration +1.3%, Persistent leadership

8/9 Macro Snapshot
VIX: 17.16 (+2.13 d/d) as of 2026-07-13
3M Treasury: 3.89 (+0.04 d/d) as of 2026-07-13
2Y Treasury: 4.26 (+0.05 d/d) as of 2026-07-13
10Y Treasury: 4.62 (+0.06 d/d) as of 2026-07-13
10Y-2Y Curve: 0.36 (+0.01 d/d) as of 2026-07-13
HY Spread: 2.69 (-0.01 d/d) as of 2026-07-10
IG Spread: 0.77 (+0.01 d/d) as of 2026-07-10