Fog of War Markets entered the week under a cloud of geopolitical uncertainty as open conflict between Iran and Western allies injected a sudden fog of war into global markets. Historically, markets dislike uncertainty far more than conflict itself, and the initial reaction was swift. The week produced two decisive downside engagements. Tuesday, March 2nd […]
Broadening Holds the Line as Supply Tests Conviction The week unfolded as a tug of war between conviction and caution. Wednesday, February 25th, delivered a decisive 95% capital inflow day on average volume, signaling strong demand beneath the surface. That thrust was quickly challenged. Thursday produced an 85% outflow day on above average volume, followed […]
It was a shortened week following the President’s Day holiday, weekly activity was light as typically expected in a four day week.. Even so, participation leaned constructive. Despite only four trading days, upside volume finished slightly above average. For the week, 68% of Capital Weighted Volume registered to the upside. The standout session came Wednesday, […]
Broadening Divergence Remains in Vogue The campaign continues to fragment along familiar lines. Broadening divergence remains the dominant theme, consistent with the broadening wider and deeper narrative, rotating away from narrow leadership and into broader ranks. The capital weighted S&P 500, represented by the SPDR S&P 500 ETF Trust, declined -1.28% on the week. The […]
From Strange Brew to Mixed Bag Last week, we characterized market conditions as a strange brew. This week that brew turned into a mixed bag, as the broadening theme reasserted itself through forceful divergence across leadership tiers. What appeared on the surface as disorder increasingly resembles waning fuel rotation. The generals took notable damage this […]
Strange Brew Markets often finish mixed, but this past week delivered a particularly strange brew. While headline price action appeared benign, the underlying rotation and volume behavior told a far more nuanced story. New highs were attempted, leadership fractured, and participation failed to fully confirm in some ways reinforcing the broadening we have highlighted previously […]
The shortened four-day week opened with a sharp test of conviction. Tuesday began with a decisive 95% downside Capital Weighted Volume day, marked by heavy downside activity on average total volume. That early pressure was met swiftly. Wednesday the 21st delivered an 80% capital inflow day alongside 85% upside capital weighted volume day, though participation […]
Volume Analysis Flash Update – Ranks Widen The S&P 500 finished slightly lower on the week as headline price paused, while the broader market continued to display underlying strength. On balance, activity reflected a market in transition rather than retreat, with leadership rotating and participation widening beneath the surface. For the week, S&P 500 Capital […]
This past week marked a clear shift in leadership as the troops took control of the advance. The iShares Russell 2000 ETF led the charge, surging 4.68% and breaking decisively above prior resistance. The broader ranks followed with conviction. The Schwab US Dividend Equity ETF advanced 2.92%, while the Invesco S&P 500 Equal Weight ETF […]
Volume Analysis Flash Update As the market closed the final chapter of 2025 and opened the first page of 2026, conditions softened with a broadening tone that favored relative defense over leadership. The S&P 500, represented by the SPDR S&P 500 ETF Trust, declined roughly 1% on the week. Leadership retreated more sharply, with the […]