Market indices staged a robust, broad-based recovery from mid-November lows, particularly in small and mid-caps, following a significant VIX spike that saw implied volatility sharply decline and is likely to remain lower. Precious and industrial commodities also show strong bullish reversals, with their upward trajectory probable to continue. Conversely, the GLD/SLV ratio’s strong downtrend is highly likely to persist, favoring silver. While overall S&P 500 breadth expanded significantly, a bullish short-term bias is likely; however, consolidation for broader indices and longer-duration bonds is a roughly even chance after recent rallies.
The market exhibited broad bullish momentum on November 28th, with major indices SPY, QQQ, and IWM closing strongly. SPY and QQQ are recovering from recent downtrends and oversold conditions; continued upward movement is likely for SPY, while QQQ’s immediate direction has a roughly even chance for sustained recovery or bearish reassertion. Small-caps (IWM) also show likely continued bullish momentum but face roughly even chances of consolidation at resistance. The VIX retreated significantly, indicating a probable continued modest decline in volatility. Precious metals demonstrate strong upward momentum, while other commodity and less liquid equity segments present roughly even chances for sustained moves or reversals due to differing volume profiles. Overall market breadth significantly improved, yet receding SPY volume nearing resistance warrants caution.
Major market indices, including SPY, QQQ, and IWM, show a strong short-term bullish bias, rebounding from recent lows with broad participation. A continuation of this upward momentum is likely, as indicated by positive breadth and recovering RSI levels. However, decreasing volume across many major indices and sectors suggests a roughly even chance of near-term consolidation or decelerated ascent. Volatility (VIX) is highly likely to remain suppressed, confirming waning market apprehension. In commodities, silver is highly probable to continue outperforming gold, given the GLD/SLV ratio’s strong downtrend. While longer-duration bonds are favored, a strong rally across all fixed-income durations is improbable due to mixed technical signals. Executives should monitor volume confirmation for sustained breakouts beyond current resistance levels.
Over the past two trading days (November 25-26, 2025), the market displayed predominantly bullish tendencies, with key indices and S&P 500 sectors registering widespread positive performance and strong market breadth. This broad participation, evidenced by improving SPXA50R and SPXA200R indicators, makes a continuation of the short-term upward momentum likely. Leading sectors like Real Estate (XLRE) and specific stocks such as MSFT and CRWV are highly likely to extend gains. Conversely, decreased volume accompanying advances in several sectors (e.g., XLK, XLV) and individual equities (e.g., NVDA, META, AMZN) suggests a roughly even chance of consolidation or reduced momentum. The VIX index is likely to continue its short-term downtrend, reflecting reduced market uncertainty. While commodities show broad strength, volume divergence implies some, like GLD, face a roughly even chance of consolidation. Overall, a bullish bias is likely to persist, but with nuanced conviction.
The market displays a broad bullish bias across equity indices and S&P 500 sectors over the last two days, with small and mid-cap segments exhibiting outperformance. SPY has rebounded robustly from oversold conditions, and improving breadth indicators suggest strengthening internal market health; a continued upward momentum is highly likely. However, technology-focused QQQ faces a roughly even chance of consolidation, while NVDA and CRWV show likely bearish reversals requiring careful monitoring. The energy commodity complex (USO, UNG, UGA) is experiencing significant downward pressure, signaling likely further declines. Conversely, Treasury bonds, particularly longer durations, demonstrate likely continued upward momentum amid decreasing implied volatility (VIX). Investors should prioritize broad market strength while watching for sector rotations and specific equity vulnerabilities.
Market indices, including SPY and QQQ, show a short-term bullish bias with widespread gains across sectors, indicating likely positive investor sentiment. However, this recent price appreciation across equities, including many Magnificent 7 stocks, has been accompanied by generally decreasing volume, introducing a roughly even chance of sustained momentum or short-term consolidation. SPY and QQQ experienced recent high-volume sell-offs followed by lower-volume recoveries; a bearish continuation for SPY is likely, with a retest of recent lows probable. In commodities, precious metals like GLD and SLV exhibit likely bullish continuation, while the VIX has decisively reversed from recent highs, indicating a probable period of decreasing volatility. The QQQ/SPY and IWM/SPY ratios suggest continued relative underperformance for tech and small-caps against the broader market, making a sustained shift in leadership unlikely without new catalysts.
Following a period of intense selling, broader market indices staged a notable rebound on November 21st, led by small-cap performance, though it is a roughly even chance this is a short-term bottom or a relief rally. The VIX remains moderately bullish, suggesting elevated volatility is likely to persist. Significant sector divergence is apparent: while short-to-intermediate duration bonds show clear bullish momentum (highly likely to continue), technology and consumer discretionary sectors are likely to face further downside pressure. Most “Magnificent 7” equities exhibit prevailing bearish trends that are highly likely to persist, contributing to SPY’s likely continued downward pressure after breaking key moving averages. Consequently, caution remains warranted, with market leadership consolidating in defensive or shorter-duration assets.
Recent market activity reveals a bifurcated trend following initial broad selling pressure. Small and mid-cap indices (IWM, IJR) exhibited robust bullish reversals, making a short-term bullish continuation likely. Conversely, large-cap indices (SPY, QQQ) and several tech stocks (TSLA, NVDA) showed tentative bounces or continued bearish momentum, with further downward pressure highly likely for these segments. Commodities broadly maintained a bearish sentiment, though natural gas (UNG) is likely to experience a short-term bounce. The VIX is highly likely to retrace or consolidate after a strong bearish reversal signal from overbought conditions. Fixed income saw a mixed outlook: short-duration bonds are likely to continue upward, while long-term bonds (TLT) face a likely short-term pullback. Overall market breadth indicates a technical bounce, but its durability for a sustained shift remains a roughly even chance.
The market exhibited a pervasive bearish reversal on November 20th, characterized by widespread declines across all major indices and S&P 500 sectors on exceptionally high volume. Growth and small-cap segments significantly underperformed, with Technology and Consumer Discretionary sectors showing pronounced bearish engulfing patterns. The VIX “fear index” surged to overbought levels, confirming strong upward volatility momentum and sustained investor apprehension. Relative strength ratios for QQQ/SPY, IWM/SPY, and XLY/XLP are in established downtrends, indicating likely continued underperformance of growth and small-cap sectors. This broad technical deterioration, supported by deteriorating market breadth indicators, makes further downside price action highly likely across equities in the near term. A significant immediate rebound, given the current signals, appears unlikely.
The broader market exhibits a complex technical posture, with large-cap indices showing gains but tempered by declining volume, while small-caps are largely underperforming or consolidating. SPY and QQQ face likely near-term downward pressure, although QQQ’s oversold RSI suggests a roughly even chance of a relief bounce or consolidation. Concurrently, the VIX remains elevated, indicating likely continued market uncertainty. Commodity markets are bifurcated, with natural gas and copper showing bullish momentum, yet oil and broad commodities likely facing further downside. Within equities, GOOGL, NVDA, and AVGO show strong bullish signals, contrasted by likely continued weakness in MSFT and META. Market breadth indicators are deteriorating, suggesting fewer stocks are participating in upward moves, making further overall market weakness more probable than an immediate rebound. This fragmentation necessitates selective monitoring for specific sector and security trends.
The broader market currently faces significant bearish pressure, with large-cap indices (SPY, QQQ) exhibiting clear downtrends and lower price action, suggesting a likely continuation of weakness. Sector-wise, growth-oriented segments (XLK, XLY) show pronounced declines, while defensive sectors (XLV, XLE) demonstrate resilience or bullish reversals, indicative of capital rotation and a likely risk-off sentiment. Individual large-cap tech stocks like NVDA, MSFT, and AMZN also show highly likely continued downside based on strong bearish patterns and volume. The VIX has surged, making further volatility tests highly likely, though a near-term pullback is a roughly even chance due to rapid ascent and RSI divergence. Overall, market breadth indicators show a deterioration in underlying strength, implying a probable period of distribution or correction. While short-term bounces are plausible, a broad-based bullish reversal appears unlikely without further technical confirmation.
The market exhibited widespread negative performance and bearish reversals across major indices, particularly impacting small- and mid-capitalization segments. Key signals include universal negative daily performance, pervasive bearish candlestick patterns, and declining RSI for major indices. Notably, S&P 500 breadth deteriorated sharply, with the SPXA200R falling below 50%. It is likely that broader market indices and most cyclical sectors will face continued downward pressure, with a deeper correction a roughly even chance. Conversely, continued upward momentum for the VIX and defensive sectors like Utilities is strongly suggested. Investors should prepare for sustained caution and monitor key support levels, as a significant bullish reversal appears unlikely for most assets in the immediate term.
The market currently exhibits a predominant bearish bias with mixed technical signals across indices and asset classes. Over the past 14 days, major equity indices (SPY, QQQ) show a volatile downtrend, with large-caps facing likely continued downward pressure. While small-caps (IWM) show some recent buying interest, their overall trend is likely bearish. The VIX has surged above 20.00, signaling likely continued market apprehension. Commodities present a divergent picture: energy prices (UGA, USO) show strong momentum, while precious metals (GLD, SLV) and agriculture (CORN) are likely to experience further downside after sharp reversals. Long-duration bonds (TLT) are under severe selling pressure, making further declines highly likely. Technology and growth stocks largely show persistent bearish momentum, with sustained bullish reversals deemed improbable for heavily impacted names. Overall, SPY faces a roughly even chance of continued consolidation or shallow retracement from its recent peak.
Market indices exhibited mixed performance, with large-cap benchmarks like SPY and QQQ showing strong intraday reversals on November 14th, though overall market breadth indicators suggest short-term internal health is deteriorating. SPY faces a roughly even chance of near-term stabilization or further correction, while QQQ and small-caps (IWM) are likely to experience continued downward pressure. In commodities, precious metals are likely to face sustained selling pressure, contrasting sharply with energy (Crude and Gasoline) which is highly likely to see further upside. Most Treasury bonds, particularly longer durations, are likely to continue price declines, though short-duration bonds show relative stability. Within the Magnificent 7, MSFT and NVDA are highly likely to see short-term bullish reversals, while AMZN and GOOGL are likely to maintain bearish pressure. Overall S&P 500 equity breadth suggests continued short-term market pressure is more probable.
The market experienced broad-based equity weakness on November 13th, characterized by universal daily declines across major indices and most S&P 500 sectors, often with increased selling volume. Small-cap and technology-heavy indices significantly underperformed, while long-duration bonds also saw greater declines, reinforcing market risk aversion. The VIX surged, indicating heightened apprehension. Moving forward, continued downside for most major equity indices and large-cap tech is highly likely, with further pressure on long-duration bonds also likely. Silver’s outperformance against gold is likely to persist. Some individual instruments and relative strength ratios present a roughly even chance for short-term consolidation or minor bounces within the prevailing bearish environment.
The market presents a divergent technical picture with bearish signals for growth and small-cap segments. QQQ, IWM, and IJR show strong bearish reversal patterns, making a short-term downside correction highly likely. Conversely, mid-cap (MDY) and larger-cap (SPY) indices exhibit resilience, with SPY likely to retest recent highs. Precious metals (SLV, GLD) demonstrate robust bullish momentum, indicating highly likely continued upside, while energy components (USO, UGA) face highly likely further downward pressure. Longer-duration bonds (TLT, IEF) are likely to extend upward, whereas shorter-duration bonds (SHY, IEI) face a roughly even chance of consolidation or slight retracement. Expanding equity breadth indicators (SPXA50R, SPXA200R) suggest improving market health, making a rapid deterioration highly unlikely.
Market indices present mixed signals, with small-caps (IJR) showing robust strength and large-caps (OEF) maintaining positive momentum, while technology-heavy QQQ faces selling pressure, indicating a likely shift in capital. SPY remains in a primary uptrend, with its RSI suggesting room for further upward movement. Commodities exhibit broad bullish sentiment, particularly in energy, where upward movement is highly likely for UNG and USO. Volatility (VIX) likely established a short-term peak and is probable to test lower support levels. Within equity sectors, Healthcare and Consumer Staples show strong bullish momentum, but Technology faces likely downward pressure following a bearish reversal. Improving S&P 500 breadth indicators (SPXA50R, SPXA200R) generally support near-term market strength, though some rallies on declining volume present a roughly even chance of momentum exhaustion.
The market experienced a broadly positive session, led by large-cap growth (QQQ), though diminishing volume signals caution for small/mid-caps, which face a roughly even chance of consolidation. Metals (GLD, SLV, CPER) are highly likely to continue upward momentum in commodities, while the VIX’s recent decline suggests reduced fear and is likely to persist downward. Overall, a “risk-on” sentiment is highly probable, with improving S&P 500 breadth indicators supporting the dominant bullish trend in SPY. However, bonds are likely to face continued short-term bearish pressure. The QQQ/SPY ratio is likely to retest resistance, but weak strength and an even chance of consolidation suggest no immediate decisive breakout.
Recent technical analysis indicates a broad market shift towards bearish short-term momentum, evident in pullbacks across major indices like SPY and QQQ from recent highs. QQQ is highly likely to face further near-term downside pressure, while market breadth indicators signal broad underlying weakening. Conversely, defensive sectors, Energy (XLE), and Natural Gas (UNG) exhibit strong uptrends or relative strength. Treasury ETFs are highly likely to continue their downward trajectory, confirmed by persistent selling pressure. Traders should closely monitor critical support levels; sustained breakdowns would likely confirm further declines across major indices and tech names. Consolidation or minor relief bounces in many segments currently have roughly even chances before definitive directional moves.
Market breadth exhibits significant divergence, with small and mid-cap indices showing probable bullish reversals on increasing volume. Conversely, large-cap and technology-heavy indices, including QQQ, face likely sustained selling pressure, while SPY indicates a short-term pullback with a roughly even chance for further decline or consolidation. The VIX index likely encountered rejection at recent highs, suggesting moderating volatility. Commodities present a mixed picture: precious metals demonstrate strongly bullish momentum, yet natural gas and agriculture sectors face likely continued weakness. Treasury bonds suggest a probable yield curve steepening, with short-duration strength and likely continued long-duration weakness. Sector analysis points to defensive leadership, with Technology and Communication Services exhibiting very likely continued downtrends, indicating a rotation away from growth. Overall equity breadth recovered but remains finely balanced, presenting a roughly even chance of further consolidation.
The market experienced broad-based bearish reversals on November 6th across major indices, including SPY, QQQ, and IWM, confirmed by increased selling volume. This pervasive weakness in market breadth across large, mid, and small-cap segments makes a continuation of downward pressure likely for most indices. The VIX is on a strong upward trajectory, highly likely to maintain its upward bias, signaling escalating market uncertainty. S&P 500 sector breadth significantly weakened, with Technology (XLK) and Consumer Discretionary (XLY) showing highly probable bearish continuations. Conversely, Energy (XLE) and Healthcare (XLV) display likely bullish continuation. Overall, this internal market fragility suggests a probable period of further downward pressure or consolidation, with select energy commodities also showing likely bullish strength.
Market indices show a mixed, risk-on sentiment, with small and mid-cap indices exhibiting stronger bullish momentum while larger-cap counterparts face roughly even chances of sustained upside. Commodities present a strong divergence: precious and industrial metals are likely to continue bullish, contrasting with likely continued bearish pressure for energy assets. The VIX is likely to experience further downward pressure, indicating decreasing market apprehension. Technology (QQQ/SPY) demonstrates likely sustained relative strength, while Treasury bonds, particularly longer durations, face likely continued downward pressure. Despite S&P 500 offensive sectors showing likely bullish momentum and a risk-on rotation, overall equity breadth indicates a likely broad-based weakening in constituent trends, suggesting potential for narrowing market leadership.
The broader market indices (SPY, QQQ) and growth-oriented equities exhibit pervasive bearish momentum, with significant declines confirmed by increased volume for most major names, suggesting a highly likely continuation of downside pressure. S&P 500 sector breadth likely indicates a shift towards defensive positioning, as Financials and Health Care show resilience while Technology and Energy sectors face strong downside pressure. The VIX is in a clear upward trend, likely reflecting increasing market apprehension and further volatility. In commodities, precious and industrial metals are experiencing very likely strong selling pressure, contrasting with likely continued robust bullish momentum in Natural Gas. Longer-duration bonds show price gains with a roughly even chance for consolidation due to declining volume, while shorter-duration bonds likely continue their upward bias with stronger conviction. Overall, investors should likely anticipate continued equity market weakness, particularly in growth sectors, with defensive strategies and select commodity plays showing more probable resilience.
The market exhibits significant divergence, with large-cap growth (QQQ) showing a likely continuation of its bullish trend and roughly even chance of new highs, while small and mid-caps (IWM, MDY) face likely continued headwinds. Broader market breadth indicators (SPXA50R, SPXA200R) are highly likely signaling pervasive short and long-term weakness. Commodities present a bifurcated trend, with energy and agriculture likely to appreciate, contrasting with likely continued downside for industrial metals and silver. Fixed income markets are likely to experience further downtrends across all maturities, marked by bearish gaps. The Consumer Discretionary (XLY) to Consumer Staples (XLP) ratio indicates likely continued risk-on outperformance.
The market exhibits a long-term bullish trend for large-cap indices (SPY, QQQ), though recent high-volume pullbacks and deteriorating market breadth signals (SPXA50R, SPXA200R) indicate increased short-term pressure, suggesting a near-term consolidation is roughly even chance. Capital is likely rotating from defensive sectors to offensive ones, exemplified by Consumer Discretionary’s strong relative outperformance (XLY/XLP ratio). Energy commodities (UNG, USO) display highly likely continued upward momentum, contrasting with probable downtrends in precious metals (GLD, SLV). The VIX shows a nascent re-escalation of market uncertainty, making continued vigilance on volatility likely. While some major tech names show probable exhaustion, others maintain sustained strength, creating a bifurcated market with selective opportunities. Long-duration bonds are likely to continue showing weakness, while shorter durations show signs of stabilization.
Equity markets display mixed technical signals: while SPY’s overall posture is likely to remain bullish, large-cap indices exhibit “gap and fade” patterns, plausibly indicating continued downward bias, with small-to-mid-caps showing relative resilience. QQQ is likely to experience further consolidation or a moderate pullback in the immediate future. The VIX is highly likely to test higher volatility levels, and longer-duration Treasury bonds are likely to face downward pressure. Commodity markets diverge, with energy sectors poised for highly likely continued upward momentum, while precious metals are likely to see further downside. Sector analysis suggests a highly likely continuation of Consumer Discretionary’s outperformance, reflecting a broader risk-on shift. However, overall equity breadth indicators currently suggest roughly even chances of short-term market stabilization.
U.S. equity markets experienced a broad-based decline on October 30, with major indices exhibiting bearish reversals and significant selling pressure; further downside is likely. Large-cap tech (QQQ) faced heightened short-term selling, yet its long-term relative outperformance against SPY is likely to continue. S&P 500 breadth deteriorated significantly, with most stocks now below their 200-day moving average, making further market downward pressure highly likely. Longer-duration bonds are under highly likely continued pressure, while short-duration treasuries show a roughly even chance of stabilization. Commodities present a mixed picture, with natural gas and precious metals showing likely bullish momentum, whereas copper is highly likely to decline. Overall, strengthening bearish sentiment suggests continued short-term downside is highly likely across most prominent equities, though specific defensive sectors show a roughly even chance for consolidation.
The market presents a bifurcated technical picture: large-capitalization indices (QQQ, OEF, SPY) show sustained bullish momentum, while small and mid-cap segments (IWM, IJR, MDY) exhibit likely continued downside pressure. SPY maintains an unambiguously bullish trend, though its RSI suggests a roughly even chance of a near-term pause. Bond markets display broad bearish reversals across durations, making continued short-term downside pressure likely, with a roughly even chance of consolidation. In commodities, gasoline (UGA) shows likely upward momentum, while gold (GLD) faces highly likely further downtrends after a sharp reversal. Overall equity breadth has deteriorated, indicating the S&P 500 may face sustained downward pressure.
The market exhibits a notable divergence, with large-cap technology indices (SPY, QQQ) displaying robust bullish momentum, while small and mid-cap segments (IWM) are likely to face continued downside pressure. SPY is highly probable to extend its upward trajectory, though QQQ faces a roughly even chance of near-term consolidation due to RSI divergence. The commodity complex is predominantly bearish, with energy and gold likely experiencing sustained selling pressure, contrasted by a likely bullish trend in intermediate and longer-duration bonds. Among individual equities, NVDA and AVGO are highly likely to extend gains, while CRWV and GOOGL show likely bearish reversals. Overall equity breadth suggests continued short-term pressure, but the broader long-term market structure appears resilient.
Equity markets show robust bullish momentum, primarily driven by large-cap technology (QQQ, SPY) establishing new 90-day highs; continued upward movement is likely. Breadth indicators are improving, and the VIX is declining, suggesting diminishing market uncertainty and probable further equity stability. Conversely, commodity markets exhibit divergence: precious metals (SLV, GLD) are in a likely downtrend due to heavy selling, while industrial (CPER) and agricultural (CORN) commodities show likely continued strength. In fixed income, long-duration bonds (TLT, UTHY) display bullish reversal patterns and are likely to experience continued upward price pressure. While equities’ upward momentum is broadly favored, a short-term consolidation remains a roughly even chance as RSI approaches overbought levels, warranting close monitoring of small-cap performance.
The market exhibits significant divergence; SPY and QQQ have recovered to retest prior highs, with continued upward pressure likely for SPY but consolidation having a roughly even chance. Broad S&P 500 breadth is improving, indicating increasing underlying strength across the index. The VIX has undergone a strong bearish reversal, making further downside very likely, signaling reduced market uncertainty. Commodities are bifurcated, with energy highly likely to continue bullish, while precious and industrial metals face highly likely further declines. Select offensive sectors like Consumer Discretionary are highly likely to advance, contrasting with likely bearish continuation for defensive sectors, necessitating selective tactical positioning.
The market exhibits a short-term bullish bias across broad indices and most S&P 500 sectors, with small-caps showing relative leadership. SPY, QQQ, and IWM demonstrate robust recoveries, indicating continued upward momentum is likely for the immediate term, supported by improving RSI readings. However, reduced volume in many bullish moves, including most Magnificent 7 stocks, suggests sustained rallies are less probable without renewed buying conviction. Conversely, the VIX shows a strong bearish reversal, making further declines likely and a significant rebound highly unlikely. Commodity performance is mixed, with Natural Gas and Gold showing strong bullish signals, while Silver appears poised for further downside. Overall, while a continuation of the market’s upward bias is likely, the divergence in volume trends and selective weaknesses warrant cautious monitoring for sustainability.
The market is currently in a volatile, corrective phase, initiated by a significant high-volume sell-off across major indices and cyclical sectors on October 10th. This event prompted a defensive rotation, with Utilities and Consumer Staples highly likely to continue outperforming while Financials and Energy sectors struggle. Key equity indices like SPY and QQQ face a roughly even chance of retesting their October 10th lows or consolidating. Conversely, Treasury ETFs show a likely continuation of their broad-based short-term uptrend, particularly for longer-duration assets. In commodities, energy prices are highly likely to remain bearish, and silver (SLV) is likely to experience further short-term downside or consolidation despite gold’s (GLD) strong, but potentially tiring, uptrend. Overall, broad short-term equity strength is unlikely given current technical patterns.
The market exhibits diverging trends, with large-cap indices like QQQ showing resilience and bullish reversals, while small and mid-cap indices (IWM, IJR, MDY) face significant weakness; continued downtrends here are highly probable. The broader S&P 500 (SPY) maintains a long-term bullish trend but recent high-volume selling likely indicates a short-term shift to bearish or consolidative dynamics. Market breadth reveals a rotation into defensive sectors, with continued downward pressure highly likely for several offensive sectors. The VIX remains elevated, but a short-term retracement is likely after recent intraday rejection. In commodities, GLD is overbought, making consolidation or a pullback a roughly even chance, while SLV’s bearish reversal suggests a likely corrective phase. The IWM/SPY ratio’s upward trend is likely to continue, favoring small-cap outperformance, but the GLD/SLV ratio is likely to decline, favoring silver over gold.
Major equity indices like SPY and QQQ maintain a long-term bullish trend but recently experienced sharp, high-volume corrections, signaling exhausted bullish impetus. Market uncertainty is highly likely to persist following a VIX surge post-October 10th. Small-caps (IWM) demonstrate a likely continuation of their intermediate-term uptrend after a swift recovery, contrasting with broader short-term momentum challenges indicated by equity breadth. Sector analysis reveals a probable rotation into defensive assets, with Utilities showing a high probability of continued appreciation, while some industrial commodities and specific growth stocks (e.g., NVDA) exhibit bearish reversals. Overall, major indices face a roughly even chance of renewed selling pressure or sideways consolidation in the near term, with further downside likely if key support levels fail.
Market indices show maturing uptrends; SPY and QQQ exhibit recent bearish RSI divergences and high-volume pullbacks, indicating further upward momentum will likely face headwinds. A period of consolidation or pullback is more likely. Small-cap (IWM) outperformance is likely to continue, while the VIX remains elevated with a roughly even chance of retesting highs or declining. In commodities, precious metals display strong bullish momentum but are deeply overbought, suggesting a roughly even chance of near-term consolidation, contrasting with probable bearish continuation in industrial and energy sectors. Longer-duration bonds are experiencing probable short-term bearish reversals. Overall market breadth indicates cautious sentiment, favoring defensive sectors and selective tech growth, as other cyclical areas face headwinds.