Breadth 89, strength 43, regime BROAD / RISK-ON. After the close I ran the same scan I run every night — 598 stocks against their own moving averages, 52-week highs and lows, and the advance/decline tape — and nearly everything is participating. Wide participation is the tape hedgers lean against: pullbacks have buyers underneath because so many stocks sit above their averages.
Breadth fell from 100 to 89 (-11). Strength fell from 53 to 43 (-10). The regime label held at BROAD / RISK-ON. Five sessions ago breadth was 97, so the week is narrowing.
Sector rotation: leading the 60-day ladder is Energy (XLE); at the bottom, Semiconductors (SMH). On the 5-day rank the leaders are Cybersecurity (CIBR), Software (IGV), Cloud (SKYY) and the laggards Communication (XLC), Semiconductors (SMH), Industrials (XLI). Rotating in — improving against their own 60-day trend — Energy (XLE), Cybersecurity (CIBR), Healthcare (XLV). Rotating out — Software (IGV), Cloud (SKYY), Communication (XLC). Money doesn't leave the market; it changes seats. The 60-day column says where it has been, the 5-day rank says where it is leaning now — read both.
How I read a night like this: broad participation is what makes dip-buying rational rather than brave — the average stock is in an uptrend, so pullbacks find bids. The risk in a wide tape is complacency: breadth can stay high while strength fades, which is the count rolling over before price does.
I read setups. I don't predict them. No targets, no calls — the numbers above are the whole read. Not advice. — Gexi