# The Market Fieldbook — Daily Market Snapshot

- **Snapshot Date:** 2026-07-16 14:32 UTC  
- **Latest Market Data Date:** 2026-07-15  
- **Current Regime:** Mixed / Transitional  
- **Internal Health:** 56/100 (Mixed)  
- **Regime Momentum:** 6/100 (Weakening)  

> How to read this report

## The market in one minute

The current regime is Mixed / Transitional, indicating a complex market environment. Supportive elements include a constructive risk backdrop and confirming credit risk appetite. However, growth leadership is lagging, and breadth is mixed, with recent signals showing deterioration. The primary watch item is the persistent decline in breadth, which has weakened for three consecutive observations.

## Current field read

| Area                      | Current level | Recent direction | Plain-English interpretation                               |
|---------------------------|---------------|------------------|-----------------------------------------------------------|
| Risk-on appetite          | 77            | Weakening        | The risk-on appetite score has declined versus five snapshots ago. |
| Defensive demand          | 19            | Weakening        | The defensive demand score has decreased versus five snapshots ago. |
| Growth leadership         | 26            | Weakening        | The growth leadership score has declined versus five snapshots ago. |
| Small-cap participation    | 42            | Weakening        | The small-cap participation score has declined versus five snapshots ago. |
| Momentum leadership       | 19            | Weakening        | The momentum leadership score has declined versus five snapshots ago. |
| Credit risk appetite      | 63            | Improving        | The credit risk appetite score has improved versus five snapshots ago. |
| Duration support          | 62            | Stable           | The duration support score remains stable compared to five snapshots ago. |

## What changed in the latest snapshot

Changes from the prior observation include a decrease in defensive demand by 3.0 points and an increase in credit risk appetite by 8.0 points. These changes reflect shifts in market dynamics but should be viewed as changes between snapshots rather than conclusions based on a single trading session.

## What the pattern is saying

1. The risk backdrop remains constructive, indicating some support for risk assets.
2. Breadth has shown persistent deterioration, falling from 87% to 56% over five observations.
3. Growth leadership continues to lag, suggesting challenges for growth-oriented investments.
4. Credit risk appetite is improving, which may provide some support for risk-taking.
5. Overall, the market shows mixed signals, with no major tactical warning signals currently detected.

## 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 breadth and growth leadership, alongside a sustained increase in risk-on appetite, could change the current regime conclusion. Conversely, further declines in credit risk appetite or persistent weakness in breadth could reinforce the mixed transitional regime.

## What to watch in the next snapshots

1. Monitor the trend in breadth and its impact on market sentiment.
2. Observe changes in growth leadership and its implications for risk assets.
3. Watch for any shifts in credit risk appetite and defensive demand.
4. Keep an eye on volatility levels and their potential influence on market behavior.
5. Assess the overall market participation and concentration risk as new data emerges.

## 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: 2026-07-16 14:32 UTC
Latest ETF price date: 2026-07-15
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 56% | T3 76% | T6 82% | T12 100%.
- QQQ vs SPY: -2.4% over T1.
- RSP vs SPY: -1.0% over T1.
- MTUM vs SPY: -5.5% over T1.
- IWM vs SPY: -0.8% over T1.
- HYG vs TLT: +1.7% over T1.
- CMA-related quality/cash-generation proxy: QUAL vs SPY -0.5%, SPHQ vs SPY -3.2%, COWZ vs SPY -2.1% 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 -5.5%, SPMO vs SPY -3.5%, VLUE vs MTUM +0.3% 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 -0.7% over T1.
- Ex-U.S. vs U.S.: VXUS-SPY -2.4% over T1.
- Emerging markets vs U.S.: VWO-SPY -2.0% over T1.
- Volatility is contained with VIX at 15.67.

2/9 What Changed Since Prior Run
- Defensive demand eased by 3.0 pts versus the prior run.
- Credit risk appetite improved by 8.0 pts versus the prior run.

3/9 Tactical Signal Dashboard
- Risk backdrop: constructive.
- Breadth: mixed.
- Growth leadership: lagging.
- Equal-weight confirmation: not confirming.
- Credit: confirming risk appetite.
- Volatility: contained.
- Defensive demand: low.

3B/9 Regime Transition Monitor
- Current regime structure remains broadly consistent with recent runs.

Tactical warnings:
- No major tactical warning signals currently detected.
- Breadth deterioration warning: T1 breadth fell from 87% to 56% over 5 observations.

3C/9 Historical Context + Divergence
- Concentration risk score: 48/100 (Moderate concentration risk / mixed participation)

Historical percentiles:
- Risk appetite: 26th percentile
- T1 breadth: 16th percentile
- QQQ vs SPY: 13th percentile
- RSP vs SPY: 13th percentile
- Credit beta vs duration: 97th percentile
- VIX: 19th percentile

Regime momentum:
- Risk appetite: deteriorating (-16.0 pts vs 5 runs ago)
- Growth leadership: deteriorating (-14.0 pts vs 5 runs ago)
- Momentum leadership: deteriorating (-32.0 pts vs 5 runs ago)
- Small-cap participation: deteriorating (-30.0 pts vs 5 runs ago)
- Breadth: deteriorating (-31.2 pts vs 5 runs ago)
- Credit risk appetite: improving (+16.0 pts vs 5 runs ago)
- Defensive demand: deteriorating (-21.0 pts vs 5 runs ago)

Statistical abnormality monitor:
- Breadth is moderately abnormal (-1.9σ, below normal).
- Mega-cap leadership is moderately abnormal (-1.3σ, below normal).
- Equal-weight participation is historically extreme (-2.2σ, below normal).
- Small-cap participation is historically extreme (-2.3σ, below normal).
- Credit participation is moderately abnormal (+1.4σ, above normal).

Percentile monitor:
- Breadth is very weak (16th percentile).
- Mega-cap leadership is very weak (13th percentile).
- Equal-weight participation is very weak (13th percentile).
- Small-cap participation is very weak (19th percentile).
- Credit participation is historically rare (97th percentile).

Signal deterioration monitor:
- Breadth has deteriorated for 3 consecutive observations.

3D/9 Signal Defensibility Diagnostics
- Market subregime: Mixed Confirmation
Credit diagnostics:
- Spread stress: HY spreads appear calm at 2.71.
- Credit ETF confirmation: HYG is outperforming TLT by +1.7% 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 -1.4%; IEF T1 -0.1%.
- Rate impulse: 2Y 4.13 (-0.05 d/d); 10Y 4.55 (-0.03 d/d); 10Y-2Y curve 0.42 (+0.02 d/d).

4/9 Market State Dashboard
Market regime: Mixed / Transitional
Current regime duration: 1 run
Internal health: 56/100 (Mixed)
Regime momentum: 6/100 (Weakening)

Regime scorecard:
- Risk-on appetite: 77/100 (MEDIUM confidence)
- Defensive demand: 19/100 (HIGH confidence)
- Growth leadership: 26/100 (MEDIUM confidence)
- Small-cap participation: 42/100 (LOW confidence)
- Momentum leadership: 19/100 (HIGH confidence)
- Real asset/inflation leadership: 19/100 (HIGH confidence)
- Credit risk appetite: 63/100 (LOW confidence)
- Duration support: 62/100 (LOW 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: 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 +2.0%, T3 +9.0%, T6 +9.2%, T9 +16.5%, T12 +22.1%
QQQ (Nasdaq 100): T1 -0.4%, T3 +14.3%, T6 +14.7%, T9 +22.2%, T12 +29.7%
RSP (Equal Weight S&P 500): T1 +1.0%, T3 +7.1%, T6 +8.6%, T9 +16.4%, T12 +17.3%
IWM (Russell 2000): T1 +1.2%, T3 +10.3%, T6 +13.6%, T9 +25.3%, T12 +33.9%
DIA (Dow): T1 +2.8%, T3 +8.7%, T6 +6.9%, T9 +16.9%, T12 +20.1%

Factor/style
MTUM (Momentum): T1 -3.5%, T3 +15.8%, T6 +21.0%, T9 +25.7%, T12 +31.6%
SPMO (S&P 500 Momentum): T1 -1.5%, T3 +18.6%, T6 +25.1%, T9 +27.4%, T12 +33.8%
QUAL (Quality): T1 +1.5%, T3 +8.3%, T6 +8.0%, T9 +15.9%, T12 +20.7%
SPHQ (S&P 500 Quality): T1 -1.2%, T3 +8.4%, T6 +11.6%, T9 +20.3%, T12 +22.0%
COWZ (Free Cash Flow Yield): T1 -0.0%, T3 +3.4%, T6 +3.9%, T9 +16.8%, T12 +15.7%
USMV (Min Vol): T1 +0.4%, T3 +2.9%, T6 +2.0%, T9 +3.4%, T12 +4.6%
VLUE (Enhanced Value): T1 -3.3%, T3 +23.8%, T6 +34.1%, T9 +58.6%, T12 +69.6%
VTV (Value): T1 +0.7%, T3 +7.7%, T6 +11.6%, T9 +20.8%, T12 +24.4%
VUG (Growth): T1 +3.0%, T3 +10.6%, T6 +7.1%, T9 +12.3%, T12 +19.3%
AVUV (Small Value): T1 +0.2%, T3 +8.4%, T6 +17.4%, T9 +32.3%, T12 +33.0%
DFSV (Small Value Profitability): T1 +0.9%, T3 +8.1%, T6 +14.4%, T9 +29.8%, T12 +29.3%

Sectors
XLK (Technology): T1 -1.6%, T3 +22.9%, T6 +24.0%, T9 +31.0%, T12 +42.8%
XLC (Communication Services): T1 +1.8%, T3 -2.5%, T6 -3.0%, T9 +1.4%, T12 +7.2%
XLY (Consumer Discretionary): T1 +0.5%, T3 +0.7%, T6 -5.7%, T9 +2.9%, T12 +6.1%
XLI (Industrials): T1 +2.5%, T3 +4.1%, T6 +10.9%, T9 +21.2%, T12 +20.8%
XLF (Financials): T1 +6.4%, T3 +9.6%, T6 +3.2%, T9 +9.8%, T12 +9.3%
XLE (Energy): T1 -1.1%, T3 +1.7%, T6 +23.6%, T9 +35.6%, T12 +32.2%
XLB (Materials): T1 -2.9%, T3 -2.5%, T6 +4.9%, T9 +17.9%, T12 +13.0%
XLV (Healthcare): T1 +3.4%, T3 +6.8%, T6 +1.4%, T9 +12.8%, T12 +19.3%
XLP (Consumer Staples): T1 -2.1%, T3 +3.2%, T6 +5.4%, T9 +9.1%, T12 +6.1%
XLU (Utilities): T1 +2.2%, T3 -2.1%, T6 +7.6%, T9 +2.4%, T12 +12.3%
XLRE (Real Estate): T1 -0.9%, T3 +3.5%, T6 +11.4%, T9 +12.5%, T12 +10.1%

Global/international
ACWI (Global Equities): T1 +1.3%, T3 +7.0%, T6 +9.1%, T9 +17.9%, T12 +23.6%
VXUS (Total International ex-US): T1 -0.4%, T3 +3.1%, T6 +8.8%, T9 +20.6%, T12 +26.6%
VEA (Developed Markets ex-US): T1 -0.5%, T3 +3.3%, T6 +9.8%, T9 +22.5%, T12 +28.0%
IEFA (EAFE Developed Markets): T1 +1.2%, T3 +2.5%, T6 +7.0%, T9 +17.4%, T12 +21.7%
VWO (Emerging Markets): T1 +0.0%, T3 +2.7%, T6 +5.8%, T9 +15.6%, T12 +22.9%
EEM (Emerging Markets): T1 -2.9%, T3 +5.9%, T6 +13.8%, T9 +28.7%, T12 +38.3%
EWJ (Japan): T1 +1.4%, T3 +5.1%, T6 +10.2%, T9 +24.5%, T12 +34.7%
EWU (United Kingdom): T1 +0.6%, T3 -1.3%, T6 +5.2%, T9 +15.9%, T12 +20.8%
EWQ (France): T1 -0.1%, T3 +0.1%, T6 +1.0%, T9 +8.1%, T12 +8.5%
EWG (Germany): T1 +0.1%, T3 +0.3%, T6 -3.4%, T9 +2.0%, T12 -0.0%
MCHI (China): T1 -0.6%, T3 -6.1%, T6 -15.2%, T9 -10.1%, T12 -0.7%
FXI (China Large Cap): T1 -2.1%, T3 -6.4%, T6 -15.0%, T9 -8.9%, T12 -5.4%
INDA (India): T1 +0.8%, T3 -2.0%, T6 -8.8%, T9 -7.7%, T12 -11.3%
EWC (Canada): T1 +1.7%, T3 +3.6%, T6 +8.5%, T9 +20.9%, T12 +29.8%
EWA (Australia): T1 -0.1%, T3 -3.2%, T6 +10.4%, T9 +12.3%, T12 +12.6%

Macro assets
GLD (Gold): T1 -3.7%, T3 -16.3%, T6 -11.8%, T9 +0.9%, T12 +20.9%
DBC (Commodities): T1 +0.8%, T3 -0.2%, T6 +24.1%, T9 +34.8%, T12 +33.3%
TLT (Long Treasuries): T1 -1.4%, T3 -2.3%, T6 -1.7%, T9 -3.9%, T12 +2.9%
IEF (Intermediate Treasuries): T1 -0.1%, T3 -1.1%, T6 -0.6%, T9 -0.4%, T12 +3.4%
HYG (High Yield Credit): T1 +0.3%, T3 +0.6%, T6 +1.4%, T9 +4.3%, T12 +5.7%
LQD (Investment Grade Credit): T1 -1.0%, T3 -1.1%, T6 -0.4%, T9 -0.1%, T12 +4.1%
UUP (US Dollar): T1 +1.1%, T3 +3.4%, T6 +3.6%, T9 +4.8%, T12 +7.1%

6/9 Relative Leadership
Growth/mega-cap vs broad market: QQQ-SPY | T1 -2.4%, T3 +5.3%, T6 +5.6%, T9 +5.7%, T12 +7.5%
Equal-weight vs cap-weight: RSP-SPY | T1 -1.0%, T3 -1.9%, T6 -0.6%, T9 -0.1%, T12 -4.9%
Small caps vs large caps: IWM-SPY | T1 -0.8%, T3 +1.4%, T6 +4.4%, T9 +8.8%, T12 +11.8%
Momentum vs broad market: MTUM-SPY | T1 -5.5%, T3 +6.8%, T6 +11.8%, T9 +9.1%, T12 +9.5%
S&P 500 momentum vs broad market: SPMO-SPY | T1 -3.5%, T3 +9.6%, T6 +15.9%, T9 +10.9%, T12 +11.7%
Quality vs broad market: QUAL-SPY | T1 -0.5%, T3 -0.6%, T6 -1.1%, T9 -0.7%, T12 -1.5%
S&P 500 quality vs broad market: SPHQ-SPY | T1 -3.2%, T3 -0.6%, T6 +2.4%, T9 +3.8%, T12 -0.1%
Free-cash-flow yield vs broad market: COWZ-SPY | T1 -2.1%, T3 -5.6%, T6 -5.2%, T9 +0.2%, T12 -6.4%
Minimum volatility vs broad market: USMV-SPY | T1 -1.7%, T3 -6.1%, T6 -7.1%, T9 -13.1%, T12 -17.5%
Enhanced value vs momentum: VLUE-MTUM | T1 +0.3%, T3 +8.0%, T6 +13.2%, T9 +32.9%, T12 +37.9%
Value vs growth: VTV-VUG | T1 -2.4%, T3 -2.9%, T6 +4.5%, T9 +8.5%, T12 +5.1%
Consumer discretionary vs staples: XLY-XLP | T1 +2.6%, T3 -2.5%, T6 -11.1%, T9 -6.2%, T12 +0.0%
Industrials vs utilities: XLI-XLU | T1 +0.3%, T3 +6.2%, T6 +3.3%, T9 +18.8%, T12 +8.5%
Energy vs technology: XLE-XLK | T1 +0.5%, T3 -21.2%, T6 -0.4%, T9 +4.6%, T12 -10.6%
Gold vs equities: GLD-SPY | T1 -5.7%, T3 -25.3%, T6 -21.0%, T9 -15.7%, T12 -1.3%
Credit beta vs duration: HYG-TLT | T1 +1.7%, T3 +2.9%, T6 +3.2%, T9 +8.2%, T12 +2.8%
Global equities vs U.S.: ACWI-SPY | T1 -0.7%, T3 -1.9%, T6 -0.1%, T9 +1.3%, T12 +1.5%
Ex-U.S. equities vs U.S.: VXUS-SPY | T1 -2.4%, T3 -5.9%, T6 -0.4%, T9 +4.0%, T12 +4.5%
Developed ex-U.S. vs U.S.: VEA-SPY | T1 -2.5%, T3 -5.6%, T6 +0.7%, T9 +6.0%, T12 +5.8%
EAFE developed markets vs U.S.: IEFA-SPY | T1 -0.8%, T3 -6.5%, T6 -2.2%, T9 +0.8%, T12 -0.5%
Emerging markets vs U.S.: VWO-SPY | T1 -2.0%, T3 -6.3%, T6 -3.4%, T9 -1.0%, T12 +0.8%
Emerging markets vs developed ex-U.S.: VWO-VEA | T1 +0.5%, T3 -0.6%, T6 -4.1%, T9 -7.0%, T12 -5.0%
Japan vs EAFE developed markets: EWJ-IEFA | T1 +0.2%, T3 +2.7%, T6 +3.2%, T9 +7.1%, T12 +13.0%
China vs emerging markets: MCHI-VWO | T1 -0.6%, T3 -8.8%, T6 -21.0%, T9 -25.7%, T12 -23.6%
India vs emerging markets: INDA-VWO | T1 +0.8%, T3 -4.7%, T6 -14.6%, T9 -23.2%, T12 -34.2%

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

Global relative leadership:
- Global equities vs U.S.: ACWI-SPY -0.7% over T1
- Ex-U.S. equities vs U.S.: VXUS-SPY -2.4% over T1
- Developed ex-U.S. vs U.S.: VEA-SPY -2.5% over T1
- EAFE developed markets vs U.S.: IEFA-SPY -0.8% over T1
- Emerging markets vs U.S.: VWO-SPY -2.0% over T1
- Emerging markets vs developed ex-U.S.: VWO-VEA +0.5% over T1
- Japan vs EAFE developed markets: EWJ-IEFA +0.2% over T1
- China vs emerging markets: MCHI-VWO -0.6% over T1
- India vs emerging markets: INDA-VWO +0.8% over T1
- Dollar backdrop: UUP T1 +1.1%

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 -3.3%, T6 +34.1%, T12 +69.6%, Persistence 4/5, Acceleration -8.9%, Decelerating leadership
+ XLK (Technology): T1 -1.6%, T6 +24.0%, T12 +42.8%, Persistence 4/5, Acceleration -5.6%, Decelerating leadership
+ SPMO (S&P 500 Momentum): T1 -1.5%, T6 +25.1%, T12 +33.8%, Persistence 4/5, Acceleration -5.7%, Decelerating leadership
+ MTUM (Momentum): T1 -3.5%, T6 +21.0%, T12 +31.6%, Persistence 4/5, Acceleration -7.0%, Decelerating leadership
+ AVUV (Small Value): T1 +0.2%, T6 +17.4%, T12 +33.0%, Persistence 5/5, Acceleration -2.7%, Decelerating leadership
+ DBC (Commodities): T1 +0.8%, T6 +24.1%, T12 +33.3%, Persistence 4/5, Acceleration -3.2%, Persistent leadership
+ IWM (Russell 2000): T1 +1.2%, T6 +13.6%, T12 +33.9%, Persistence 5/5, Acceleration -1.1%, Decelerating leadership
+ XLE (Energy): T1 -1.1%, T6 +23.6%, T12 +32.2%, Persistence 4/5, Acceleration -5.1%, Decelerating leadership

Weakest U.S. trend scores:
- GLD (Gold): T1 -3.7%, T6 -11.8%, T12 +20.9%, Persistence 2/5, Acceleration -1.7%, Long-term leader, short-term fading
- TLT (Long Treasuries): T1 -1.4%, T6 -1.7%, T12 +2.9%, Persistence 1/5, Acceleration -1.1%, Long-term leader, short-term fading
- LQD (Investment Grade Credit): T1 -1.0%, T6 -0.4%, T12 +4.1%, Persistence 1/5, Acceleration -0.9%, Long-term leader, short-term fading
- IEF (Intermediate Treasuries): T1 -0.1%, T6 -0.6%, T12 +3.4%, Persistence 1/5, Acceleration +0.0%, Long-term leader, short-term fading
- XLY (Consumer Discretionary): T1 +0.5%, T6 -5.7%, T12 +6.1%, Persistence 4/5, Acceleration +1.5%, Emerging tactical leadership
- XLC (Communication Services): T1 +1.8%, T6 -3.0%, T12 +7.2%, Persistence 3/5, Acceleration +2.3%, Accelerating leadership
- HYG (High Yield Credit): T1 +0.3%, T6 +1.4%, T12 +5.7%, Persistence 5/5, Acceleration +0.1%, Decelerating leadership
- USMV (Min Vol): T1 +0.4%, T6 +2.0%, T12 +4.6%, Persistence 5/5, Acceleration +0.0%, Persistent leadership

7B/9 Global Leaders and Laggards
Strongest global trend scores:
+ EEM (Emerging Markets): T1 -2.9%, T6 +13.8%, T12 +38.3%, Persistence 4/5, Acceleration -5.2%, Decelerating leadership
+ EWJ (Japan): T1 +1.4%, T6 +10.2%, T12 +34.7%, Persistence 5/5, Acceleration -0.3%, Decelerating leadership
+ EWC (Canada): T1 +1.7%, T6 +8.5%, T12 +29.8%, Persistence 5/5, Acceleration +0.3%, Decelerating leadership
+ ACWI (Global Equities): T1 +1.3%, T6 +9.1%, T12 +23.6%, Persistence 5/5, Acceleration -0.2%, Decelerating leadership
+ VEA (Developed Markets ex-US): T1 -0.5%, T6 +9.8%, T12 +28.0%, Persistence 4/5, Acceleration -2.1%, Decelerating leadership

Weakest global trend scores:
- FXI (China Large Cap): T1 -2.1%, T6 -15.0%, T12 -5.4%, Persistence 0/5, Acceleration +0.4%, Accelerating leadership
- MCHI (China): T1 -0.6%, T6 -15.2%, T12 -0.7%, Persistence 0/5, Acceleration +1.9%, Accelerating leadership
- INDA (India): T1 +0.8%, T6 -8.8%, T12 -11.3%, Persistence 1/5, Acceleration +2.3%, Accelerating leadership
- EWG (Germany): T1 +0.1%, T6 -3.4%, T12 -0.0%, Persistence 3/5, Acceleration +0.6%, Emerging tactical leadership
- EWQ (France): T1 -0.1%, T6 +1.0%, T12 +8.5%, Persistence 4/5, Acceleration -0.3%, Decelerating leadership

8/9 Macro Snapshot
VIX: 15.67 (-0.83 d/d) as of 2026-07-15
3M Treasury: 3.83 (-0.01 d/d) as of 2026-07-15
2Y Treasury: 4.13 (-0.05 d/d) as of 2026-07-15
10Y Treasury: 4.55 (-0.03 d/d) as of 2026-07-15
10Y-2Y Curve: 0.42 (+0.02 d/d) as of 2026-07-15
HY Spread: 2.71 (-0.01 d/d) as of 2026-07-15
IG Spread: 0.79 (+0.00 d/d) as of 2026-07-15