Defensive leadership often signals weakening risk appetite beneath the surface.
Defensive rotation is taking deeper hold.
What changed vs prior window
Cyclical vs defensive-52.8
Cyclical vs defensive weakened the internal read by 52.8 pts versus the prior window.
Credit confirmation-30.2
Credit confirmation weakened the internal read by 30.2 pts versus the prior window.
Small-cap confirmation+26.5
Small-cap confirmation improved the internal read by 26.5 pts versus the prior window.
Three simple checks
How broad the move isBreadth
+18.667.2
Broad and healthy
Breadth is broadening beyond mega caps
Improved vs prior periodMay 27Oct 26
Who is leadingRotation
-52.80.0
Defensives are taking over
Defensives are taking the lead
Weakened vs prior periodMay 27Oct 26
Are other markets backing it?Confirmation
-17.824.9
Backing is breaking down
Confirmation is breaking down
Weakened vs prior periodMay 27Oct 26
Under the surface
Equal-weight breadth
Mega-cap concentration is easing
Meaning: Tracks whether performance is widening beyond the cap-weighted index.
Move health score83.8
Technical detail
Small-cap confirmation
Small caps are only partially confirming
Meaning: Tests whether smaller equities are confirming broader risk appetite.
Move health score46.5
Technical detail
Cyclical vs defensive
Defensives are regaining control
Meaning: Measures whether cyclical sectors still lead the defensive complex.
Move health score0.0
Technical detail
Credit confirmation
Credit is no longer confirming
Meaning: Checks whether lower-quality credit still backs the move.
Move health score35.9
Technical detail
Regional confirmation
US leadership is outpacing international breadth
Meaning: Tests whether international equities are confirming US leadership.
Move health score13.9
Technical detail
Data qualityLive rebuild · Oct 26 23:35 UTC
UpdatedOct 26 23:35 UTC
SourceLive rebuild
Staleness0s
Coverage100% · 5/5
Positive / neutral / negative1 / 1 / 3
ConfidenceHigh confidence
Source health: Yahoo: 11 ok