SPY (Long) — The model is long. The recent drawdown looks washed out, softer inflation-linked bond momentum is supportive, and the seven-month upward trend and constructive regime back the hold. Against that, the trend read, big-cap tech momentum and the volatility read all lean bearish. This name has a history of sharp rebounds from washed-out levels, so the counter-factors warrant attention without chasing either way.

QQQ (Long) — The model is long. Oil momentum over the past three months is supportive, and inflation-linked bonds add a modest tailwind. The two-month uptrend and the constructive regime both back the hold. Against that, high-yield credit looks stretched and leans bearish. Big-cap tech volatility and softer global equity momentum also lean the other way.

IWM (Long) — The model is long. Small-cap volatility is the standout support here, and the trend in small-caps leans the same way. Correlation with US large-caps adds to the bullish case. The year-long uptrend and constructive regime back the hold. Against that, risk-adjusted returns and realised volatility both lean bearish.

EFA (Long) — The model is long. Global bond momentum is supportive, and correlation with US large-caps leans the same way. Recent volatility also leans bullish. The five-month uptrend and constructive regime back the hold. Against that, the developed ex-US trend looks stretched and bitcoin momentum leans bearish.

EEM (Long) — The model is long. Price looks stretched over the past month, which backs the long as it works off that extension. Credit spreads have moved in our favour over the past month, and momentum in 7-10y Treasuries adds support. The seven-month uptrend and the constructive regime reinforce the stance. Against that, the trend in emerging-market equities leans bearish, and the downside tilt in recent returns over the past fortnight points the same way.

SOXX (Long) — The model is long. Oil momentum over the past three months is supportive, and the recent drawdown looks washed out, leaning bullish. The seven-month uptrend and constructive regime back the hold. Against that, credit spreads lean bearish. The semiconductor trend and big-cap tech momentum look stretched and lean the other way.

IGV (Long) — The model is long. Software volatility is supportive, and the recent drawdown looks washed out, leaning bullish. The five-month uptrend and constructive regime back the hold. Against that, gold momentum leans bearish. Softer value-stock momentum and correlation with US large-caps lean the same way.

XLK (Long) — The model is long. Firmer oil momentum over recent months is supportive, and the two-month upward trend and constructive regime back the hold. Against that, the trend read leans bearish. Recent returns and correlation with US large-caps also argue for some caution.

XLF (Long) — The model is long. Softer momentum in inflation-linked bonds looks washed out, and the ten-month upward trend and constructive regime back the hold. Against that, several reads lean bearish. Momentum in US large-caps, big-cap tech and growth stocks all argue for caution, and the volatility read adds to it. The case for patience is building here.

XLC (Flat) — The model is flat. The trend read is firmly bearish, and three-month returns and risk-adjusted returns both argue to stay out. Oil momentum and correlation with US large-caps add to the caution, and the seven-month downward trend reinforces the sidelines stance. The constructive regime is the one factor leaning the other way, and it would be the case to get back in.

XLV (Long) — The model is long. The recent softness looks washed out, and momentum in growth and value stocks over recent months is supportive. The two-month upward trend and constructive regime back the hold. Against that, bitcoin momentum leans bearish and correlation with US large-caps adds to the drag.

BTCUSD (Long) — The model is long. The return over the past month is supportive, the yield curve helps, and global equities lean the same way. The trend over the past five months is upwards and the regime is constructive. Against that, the counter-factors lean bearish. Credit spreads weigh here, and the yield-curve percentile looks stretched.

TLT (Flat) — The model is flat. The downtrend in long bonds over the past two months leans bearish, and the defensive regime backs staying out. Yen and bitcoin momentum also lean bearish. Being out here is about risk control; this name has a history of sharp rebounds from washed-out levels, so we would not chase weakness either. Small-cap and oil momentum lean bullish and make the case to get back in.

IEF (Flat) — The model is flat. The two-month downtrend keeps us on the sidelines. That said, the broader regime is constructive, which leans the other way. The reads are otherwise thin here, so the stance rests on the trend. Only a turn in the trend would shift the signal.

HYG (Long) — The model is long. High-yield credit volatility backs the position. Price looks washed out over the past three months, and the recent drawdown reads as stretched to the downside, both supporting the long. Momentum in global bonds and short Treasuries over the past fortnight leans the same way. The ten-month uptrend and the constructive regime round out the case, with little arguing the other way today.

UUP (Long) — The model is long. Bitcoin momentum offers a modest tailwind, and the five-month uptrend backs the hold. Against that, the dollar's recent return and longer trend both look stretched and lean bearish. Softer emerging-market equity momentum leans the same way, and the regime is defensive.

KRE (Long) — The model is long. Softer gold momentum over the past month looks washed out, firmer volatility reads supportive, and the year-long upward trend and constructive regime back the hold. Against that, bitcoin and oil momentum both lean bearish, and the trend read adds to the caution. The counter-factors are the case for patience.

EWY (Long) — The model is long. Firmer gold and bitcoin momentum over recent months support the hold, and the seven-month upward trend and constructive regime back the stance. That said, several reads lean the other way. The three-month gains look stretched, correlation with US large-caps is a drag, and the trend read leans bearish. The picture is fairly mixed here.

EWU (Long) — The model is long. The pullback in UK equities over the past week looks washed out, and softer volatility over recent months is supportive. The upward trend over the past year and the constructive regime back the hold, and price itself looks stretched to the downside. Against that, bitcoin momentum leans bearish and argues for some caution.

AAPL (Long) — The model is long. Softness in investment-grade credit momentum backs the position, and the two-month uptrend and constructive regime are supportive. Against that, risk-adjusted returns and US large-cap momentum look stretched and lean bearish. The yield-curve read and Apple's own momentum lean the same way. This name has a history of sharp rebounds from washed-out levels, so we would not read the caution as a forecast of weakness.

AMZN (Long) — The model is long. Price looks washed out on a three-month view, which backs the position, with oil and small-cap momentum adding support. The five-month uptrend and constructive regime help too. Against that, Amazon's own trend and US large-cap momentum look stretched and lean bearish. Given this name's history of sharp rebounds, we stay with the position.

GOOGL (Long) — The model is long. The cleanliness of the trend supports the position, and risk-adjusted returns lean our way too. The two-month uptrend and constructive regime back the hold. Against that, big-cap tech looks stretched after recent gains and leans bearish. Value stocks and inflation-linked bonds add modestly to that caution.

META (Long) — The model is long. Short Treasuries support the position, with value stocks and the dollar also leaning our way. The five-month uptrend backs the hold. Against that, the recent drawdown leans bearish, and large-cap momentum adds to the caution. The defensive regime is a further offset.

MSFT (Long) — The model is long. Investment-grade and high-yield credit both support the position. The seven-month uptrend and constructive regime back the hold. Against that, correlation with large-caps leans bearish, and big-cap tech looks stretched after recent gains. The trend cleanliness adds modestly to the caution. This name has a history of sharp rebounds, so we would not read the counter-factors as a forecast of weakness.

NVDA (Long) — The model is long. The seven-month uptrend and constructive regime back the hold, and bitcoin momentum leans our way. Against that, the stock's own trend looks extended and price looks stretched, both leaning bearish. Big-cap tech adds modestly to that caution. The reads are fairly balanced here.

TSLA (Flat) — The model is flat. The downside tilt in recent returns weighs here, and volatility has picked up. Tesla's own trend looks stretched, and its correlation with US large-caps adds to the caution whilst the regime sits defensive. Against that, the counter-factors lean bullish and make the case to get back in. The recent drawdown looks washed out, and the trend over the past two months is upwards.

ADBE (Long) — The model is long. Momentum in the yen backs the position, and the recent drawdown looks washed out. The trend over the past five months is upwards and the regime is constructive. Against that, momentum in small-caps is soft and correlation with US large-caps leans bearish. Momentum in oil adds to the caution.

AMAT (Flat) — The model is flat. Risk-adjusted returns and the cleanliness of the trend both lean bearish, and bitcoin momentum points the same way. Correlation with large-caps adds to that side, and the defensive regime reinforces being out. On the other side, the seven-month uptrend leans bullish and is the case to re-engage.

AMD (Long) — The model is long. Treasury and bitcoin momentum over the past month back the position, and the change in the yield curve leans the same way. The five-month uptrend and constructive regime add support. Against that, the high-yield credit percentile looks stretched and leans bearish, with inflation-linked bond momentum adding to that side. This name has a history of sharp rebounds, so we hold rather than chase.

ANET (Long) — The model is long. Growth-stock and global-equity momentum over the past week back the position, and the year-long uptrend and constructive regime are supportive. Against that, price looks stretched versus its trend. Recent momentum and how stretched price has become both lean bearish. The reads here are genuinely two-sided.

ASML (Long) — The model is long. Volatility and three-month gold momentum back the position, and the tilt in recent returns leans the same way. The seven-month uptrend and constructive regime add support. Against that, the cleanliness of the trend and risk-adjusted returns look stretched and lean bearish.

AVGO (Long) — The model is long. High-yield credit strength supports the position, and short Treasuries are adding to the case. Volatility and the stock's own volatility over recent months both lean our way. The year-long uptrend and the constructive regime back the hold. Against that, momentum in longer Treasuries leans bearish, a modest counterweight.

CDNS (Long) — The model is long. Oil momentum over three months supports the position, and tighter credit spreads add to the case. The five-month uptrend and constructive regime back us too. Against that, price looks stretched on momentum, with volatility and correlation with large-caps leaning bearish.

CRM (Long) — The model is long. Strength in bitcoin over the past week supports the position, and subdued realised volatility adds to the case. The five-month uptrend and constructive regime back us too. Against that, gold momentum leans bearish, with dollar strength and the three-month return pointing the same way.

CRWD (Long) — The model is long. The two-month uptrend and constructive regime back the hold, with global bond momentum also leaning our way. Against that, several reads lean bearish: the stock looks stretched after recent gains, its own trend looks extended, and credit spreads argue for caution. The reads are genuinely mixed here.

CSCO (Long) — The model is long. Momentum in the yen backs the position, and credit spreads lean bullish. Momentum in high-yield credit and a clean trend add support, and the trend over the past year is upwards within a constructive regime. Against that, momentum in value stocks leans bearish.

ETN (Long) — The model is long. The recent drawdown looks washed out and supports the position, with the trend over the past two months upwards in a constructive regime. Against that, price looks stretched relative to its trend, which leans bearish. Momentum in big-cap tech is soft, and both the level and change in the yield curve lean the other way.

HUBS (Long) — The model is long. Short-term rate momentum lends support, and the recent drawdown looks washed out. The constructive market regime backs the hold too. Against that, the five-month trend is downwards and leans bearish. Correlation with US large-caps and softness in oil add to the caution, and price looks stretched relative to its trend.

INTC (Long) — The model is long. Oil momentum over the past month and long-bond momentum both back the position. The trend is clean, and momentum in investment-grade credit and growth stocks adds support. The year-long uptrend and a constructive regime round out the case. Little argues the other way here.

INTU (Flat) — The model is flat. Momentum in oil and gold both lean bearish, keeping us on the sidelines. The level of the yield curve and recent volatility add to the caution. Against that, credit spreads lean bullish and the regime is constructive, which is the case to get back in. The trend over the past year remains downwards.

KLAC (Flat) — The model is flat. The downside tilt in recent returns leans bearish, and momentum in inflation-linked bonds adds to that. Against that, the counter-factors lean bullish: momentum in global equities is supportive, the recent drawdown looks washed out, and Treasury momentum backs a long. The trend over the past seven months is upwards in a constructive regime, which is the case to get back in.

LRCX (Flat) — The model is flat. Price looks stretched and momentum in the dollar leans bearish, keeping us out. Against that, the counter-factors lean bullish: momentum in US and global bonds is supportive, and recent volatility backs a long. The trend over the past seven months is upwards in a constructive regime, which is the case to re-engage.

MDB (Long) — The model is long. High-yield credit momentum backs the hold, and risk-adjusted returns support the call. The recent drawdown looks washed out, and low correlation with US large-caps helps. The seven-month trend is upwards and the regime is constructive. Against that, gold momentum leans bearish.

MRVL (Long) — The model is long. Oil momentum and global bond softness both support the position. Price also looks washed out on our stretch read, backing the long. The two-month uptrend and constructive regime add to that. Against that, bitcoin and the trend-versus-average read lean bearish.

MU (Long) — The model is long. Oil momentum supports the position, and the change in credit spreads leans our way. The seven-month uptrend and constructive regime back the hold. Against that, the stock looks stretched after recent gains and its trend looks extended, both leaning bearish. Value stocks add modestly to that caution.

NET (Flat) — The model is flat. Being out here is about risk control; this name has a history of sharp rebounds from washed-out levels, so we would not chase weakness either. The stock's trend and its elevated volatility both lean bearish, and the defensive regime backs sitting out. Against that, the recent drawdown and long-bond momentum lean bullish, and the seven-month uptrend is the case to get back in.

NFLX (Long) — The model is long. The recent drawdown looks washed out and supports the position. The change in the yield curve leans bullish, as does correlation with US large-caps. Momentum across inflation-linked bonds and Treasuries also backs the long, and the regime is constructive. Against that, the trend over the past seven months is downwards.

NOW (Long) — The model is long. The yen backs the hold, and volatility adds support alongside an upwards five-month trend. Against that, the defensive market regime leans cautious. Correlation with US large-caps and the dollar lean bearish as well.

OKTA (Long) — The model is long. Strength in bitcoin and the move in Treasuries back the hold, and the past month's return adds support. The five-month trend is upwards and the regime is constructive. Against that, short-term US large-cap momentum leans bearish, and price looks stretched versus its trend.

ORCL (Long) — The model is long. The recent drawdown looks washed out, and the market regime is constructive. Against that, the counter-factors lean bearish and make the case for caution. Short Treasuries and inflation-linked bonds are both softening. The yield curve looks stretched, value stocks are weakening, and the trend over the past five months is downwards.

PANW (Long) — The model is long. Softness in small-caps leans bullish here, and high-yield credit momentum adds a modest supporting note. The ten-month uptrend backs the position. Against that, the recent return tilt leans bearish, with elevated volatility and the cleanliness of the trend arguing for caution. The defensive regime adds to that side.

PLTR (Long) — The model is long. The drawdown over the past three months looks washed out, the trend over the past ten months is upwards, and the market regime is constructive. Against that, the counter-factors lean bearish. Global equities are softening and the dollar is firming. Palantir's own trend and momentum both look stretched here.

QCOM (Long) — The model is long. Yen momentum backs the position, with volatility and three-month correlation with US large-caps adding support. Bitcoin momentum over the past quarter leans the same way, and the two-month uptrend helps. Against that, softness in global equities leans bearish and the broader regime is defensive.

SNOW (Long) — The model is long. The two-month trend is upwards and the broader market regime is constructive, both backing the hold. The reads are otherwise light here, so the stance rests mainly on trend and regime.

SNPS (Flat) — The model is flat. The three-month return and correlation with large-caps lean bearish, and softer volatility points the same way. The flattening in the yield curve adds to that side, and the defensive regime reinforces staying out. On the other side, bitcoin momentum and the five-month uptrend lean bullish and make the case to get back in.

STX (Long) — The model is long. Firmer bitcoin supports the position, as does softer investment-grade credit momentum. The seven-month uptrend and constructive regime back us. Against that, value-stock momentum and three-month volatility lean bearish. The reads are reasonably balanced here.

TSM (Long) — The model is long. Firmer short-term rates support the position, and three-month volatility adds to the case. The two-month uptrend and constructive regime back us. Against that, soft long-bond momentum and correlation with large-caps lean bearish, with risk-adjusted returns pointing the same way.

TTD (Flat) — The model is flat. The downward trend over the past two months and the defensive market regime back staying out. Softness in US bonds and the yen leans bearish, and the price trend and weakness in value stocks point the same way. Softer volatility over the past three months adds to the case for sitting out. The reads line up on one side here, with little arguing the other way.

TXN (Flat) — The model is flat. Volatility looks washed out, which argues for getting involved, and oil momentum over the past quarter adds to that side. Against that, recent volatility and drawdown lean bearish, and price looks stretched versus its trend. The seven-month uptrend is supportive, but the broader regime is defensive. The reads are mixed, so we stay on the sidelines for now.

UBER (Long) — The model is long. The trend is clean and risk-adjusted returns are supportive, and the broader regime is constructive. Against that, momentum in global bonds and investment-grade credit both lean bearish. Volatility over the past three months adds to the caution, and the trend over the past ten months is downwards.

VRT (Flat) — The model is flat. The five-month trend is downwards, and softness across long bonds, US bonds and Treasuries keeps us out. Price looks stretched relative to its trend too. Against that, low correlation with US large-caps and the constructive regime lean bullish and make the case to re-engage.

VST (Flat) — The model is flat. The ten-month trend is downwards, which keeps us on the sidelines. That said, the counter-factors lean bullish and make the case to get back in. Price looks washed out and the downside tilt in recent returns looks stretched. The trend versus its average, short-term rate momentum and the constructive regime all point the same way.

ZS (Long) — The model is long. Growth stocks and the yen both back the hold, and the seven-month trend is upwards alongside a constructive regime. Against that, high-yield credit and the dollar lean bearish, with volatility adding a touch of caution.

DUOL (Flat) — The model is flat, though the reads here are genuinely mixed. The recent drawdown over the past month leans bearish and supports sitting out. On the other side, the upward trend over the past seven months and its cleanliness both lean bullish, the constructive market regime adds to that, and elevated volatility and softer oil point the same way. That counter-case for getting back in is the stronger-looking group, but a trend reversal is what would actually move us.

LMT (Flat) — The model is flat. The downward trend over the past two months and the defensive market regime both back staying out. There are no other clear reads here, so the stance rests on those two factors.

RKLB (Flat) — The model is flat. The downside tilt in recent returns over the past month leans bearish and backs staying out, and the defensive market regime adds to that. On the other side, the counter-factors lean bullish: elevated volatility, softness in long bonds and value stocks, and firmer bitcoin over the past three months all make the case for getting back in. The upward trend over the past two months points the same way.

BX (Flat) — The model is flat. The downward trend over the past five months supports staying out, and weakness in correlation with US large-caps leans bearish. Firmer gold and bitcoin over the past three months point the same way, and price looks stretched over the past fortnight. Against that, the constructive market regime and elevated volatility lean bullish and make the case for getting back in.

KKR (Long) — The model is long. Softness in gold, high-yield credit and inflation-linked bonds all lean bullish here, and weakness in the yen adds to that. The constructive market regime backs the hold too. Against that, the trend over the past five months is downwards, which argues for caution, and firmer oil over the past three months leans bearish.

TWLO (Long) — The model is long. The upward trend over the past seven months and the constructive market regime back the position. Softness in inflation-linked bonds over the past three months adds support, and the flatter yield curve leans the same way. Against that, elevated volatility leans bearish. The price trend itself and recent softness in investment-grade credit also argue for caution.

SCHW (Long) — The model is long. The upward trend over the past seven months and the constructive market regime both back the hold. Elevated volatility also lends support. Against that, several reads lean bearish: bitcoin looks stretched over the past fortnight, and softness in high-yield credit and oil over the past three months weighs the other way. Strength in growth stocks offers a modest offset.

MSI (Flat) — The model is flat. Bitcoin strength looks stretched and leans bearish, and the yield-curve percentile points the same way. The two-month trend is downwards, backing the sidelines. Against that, the level of the yield curve leans bullish. Value-stock momentum and volatility point the same way, and the regime is constructive, making the case to get back in.

MELI (Long) — The model is long. The recent return looks washed out and leans bullish, and the trend reads as clean, pointing the same way. The constructive regime adds support. Against that, oil and growth-stock strength both look stretched and lean bearish, with gold adding to the caution. The two-month trend is downwards, a further headwind.

HD (Flat) — The model is flat. Volatility leans bearish, and high-yield credit softness points the same way. The two-month trend is downwards and the regime is defensive, both backing the sidelines. Against that, the recent drawdown looks washed out and leans bullish. Softness in inflation-linked bonds and small-caps points the same way, making the case to re-engage.

CMG (Flat) — The model is flat. Long-bond softness leans bearish, and bitcoin strength looks stretched the same way. The year-long trend is downwards and the regime is defensive, both backing sitting out. Against that, the recent drawdown looks washed out and leans bullish. Growth-stock softness and volatility point the same way, making the case to get back in.

JBL (Long) — The model is long. The downside tilt in recent returns looks washed out and leans bullish, with value-stock softness pointing the same way. Weakness in 7-10y Treasuries adds support. The year-long trend is upwards and the regime is constructive. Against that, the recent return leans bearish.

UMC (Long) — The model is long. Oil momentum is supportive, and price looks washed out on a stretched basis, leaning bullish. The five-month trend is upwards. Against that, the recent drawdown leans bearish. Growth-stock strength looks stretched, and long-bond softness adds to the caution, both pointing the other way. The defensive regime is a further headwind.

KEYS (Flat) — The model is flat. The trend versus recent levels looks stretched and leans bearish, and growth stocks look stretched too. The trend reads as less clean, and long-bond softness adds to the caution. The defensive regime backs sitting out. Against that, washed-out small-caps lean bullish, and the seven-month trend is upwards, making the case to get back in.

HPE (Long) — The model is long. Volatility is supportive, and the two-month trend is upwards. Softness in global bonds and high-yield credit lends further support. Against that, big-cap tech momentum looks stretched and leans bearish, with global equity momentum pointing the same way. The defensive regime adds to the caution.

FLEX (Long) — The model is long. The clean trend, gains in big-cap tech, oil and growth stocks all lean bullish. The upward trend over the past ten months and the constructive regime back the hold. Against that, wider credit spreads lean bearish and are the case for caution.

CIEN (Long) — The model is long. The clean upward trend, firmer volatility and gains in oil all lean bullish. The two-month uptrend and constructive regime back the hold. Against that, the recent drawdown and softness in US bonds lean bearish and make the case for caution.

GS (Long) — The model is long. The recent drawdown and softer gold lean bullish, and the upward trend over the past year and constructive regime back the hold. Against that, the pullback in global equities and high-yield credit leans bearish. Elevated volatility adds to that caution.