Broad leadership supports a risk-on tape, but Fed minutes, retail earnings, a 4.64% 10-year yield and a quiet VIX will test the rotation this week.
Broad participation has repaired the tape, but CPI arrives Wednesday with the 10-year at 4.66% and the VIX at 14.9, leaving little room for surprise.
SPY reclaimed its 50-day average, but only 38% of the active watchlist clears the same line. This week tests whether participation catches up.
Leadership rotated from technology toward energy, health care, and financials while the long-term trend held ahead of Thursday’s Federal Reserve decision.
The primary trend remains constructive, but leadership has rotated beyond technology and the next test is whether broader participation can confirm it.
Strong index trends met defensive sector leadership, leaving a mixed regime where breadth and single-name confirmation mattered more than index direction.
The board still supports selective offense, but there is still no trade worth forcing. The right move is to respect the evidence lead, keep TXN on the board, and wait for cleaner execution instead of pretending extension is an entry.
The board supports selective offense, but there is no trade worth forcing. TXN stays qualified but wait-for-reset. Zero publishable setups this week — and saying so is the discipline.
A premium-style CAMS outlook for the week of April 27: big earnings, key levels, and a patience-first game plan with MNQ cleaner than MYM to start the week.
