Display only · do not vote · Growth split into Economic + Earnings. Liquidity / Credit / Volatility vote; Economic Growth / Earnings Growth are context. Scoring unchanged.
Equity 47.5% · Core 45% · Overlay +2.5%
NAAIM 0 (Neutral (35th %ile)) · Style +2.5 (Offensive growth) · US GDP Δ4W 0 (Stable -0.1pp)
Method. Core equities % = round_2.5(60 + 15×4W weighted score), clamp [45,75]. Overlay = equal ±2.5% nudges from NAAIM (3Y %ile ≤20 → Contrarian Long / ≥80 → Contrarian Short), Style (Offensive growth +2.5 / Defensive −2.5; Cyclical value & Mixed = 0), and US GDP nowcast Δ4W (≥+0.2pp Improving / ≤−0.2pp Softening), then cap ±5%. Final = round_2.5(clamp(Core + Overlay, 45, 75)). Hard VIX veto → 45% and ignores Overlay. Regime chip uses Core only.
Outside vs Inside. Regime chip (Risk-on / Mixed / Cautious / Risk-off) is Core-driven only (Liquidity / Credit / Volatility vote). Weighted Risk-off + Volatility traffic light not Bearish → display Cautious (math unchanged). Overlay = NAAIM + Style + US GDP Δ4W. Equity Style Factors (right) are display-only — the big Offensive / Mixed / Defensive chip (5-pill net) replaces the former Inside pill; does not change Core, Overlay, Final %, or voting.
Display chip = Cautious (weighted Risk-off; Vol TL Neutral; hard_veto=False). Core / Overlay / Final % use weighted regime only — display relabel does not vote.
Equity Style Factors chip: Offensive (5-pill net +2; tally in Equity Style Factors notes) · former Inside logic: Offensive (agrees).
Equity Style Factors. Display-only context. Big chip = Offensive / Mixed / Defensive call from the five face pills; style pills (Growth / Momentum / High beta) plus Breadth and Volume (color-only pills). Positioning / Sentiment / Hedge Fund Positioning live in the panels below (not shown on the hero face).
| Leg | Call | Current | 1Y %ile | 3Y %ile | vs 200DMA | 21d | vs 100DMA |
|---|---|---|---|---|---|---|---|
| Liquidity / USD | bearish | UUP 28.93DXY 101.89 | 99 | 100 | +4.23% | +3.03% | +2.55% |
| Credit | bearish | HYG 77.25HY OAS 307 bpsCCC OAS 992 bps | 349599 | 7868100 | -0.84% | -1.98% | -1.36% |
| Volatility | neutral | VIX 15.4 | 17 | 36 | * | +6.19% | — |
leg_score -0.75
Vote = 200DMA rules (Liq 40% / Cred 35% / Vol 25%). Weighted leg_score = 0.40·liq + 0.35·cred + 0.25·vol (raw on ≥+0.40 / off ≤−0.40; hard VIX veto → risk_off). 1Y/3Y %ile columns are display-only context.
UUP/HYG vs 100DMA and core level 1Y/3Y %iles are display context only — none of these columns vote. Percentiles rank the current UUP/HYG/VIX level over trailing 1Y/3Y observations using the same logic as Yield Curve / Global Volatility. DXY (under UUP Current) and HY OAS / LF98OAS + CCC OAS / BCAUOAS (bps under HYG Current; 1Y/3Y %iles stacked under those columns) are BBG display-only. LQD/MOVE/10Y remain context.
* Volatility has no 200DMA. VIX level subscore: <15 → +1 (bullish), 15–20 → 0 (neutral), ≥20 → −1 (bearish). Combined with the 21d ROC subscore (≤−10% → +1, ≥+15% → −1) to form the Call.
| Series | Current | 1Y %ile | 3Y %ile | 1M | 3M | Read |
|---|---|---|---|---|---|---|
| US 2Y | 4.80% | 97 | 89 | +44 bps | +62 bps | Rising |
| US 10Y | 5.29% | 100 | 100 | +51 bps | +74 bps | Rising |
| US 30Y | 5.63% | 100 | 100 | +36 bps | +64 bps | Rising |
| 2s10s (10Y − 2Y) | 45 bps | 28 | 61 | +5 bps | +10 bps | Steepening |
US 2Y / 10Y / 30Y · 2s10s · as-of 2026-10-06
US 2Y / 10Y / 30Y are Bloomberg MASTER (2) PX_LAST (display only — do not vote). Read on yields: Rising if 1M Δ ≥ +15 bp, Falling if 1M Δ ≤ −15 bp, else Stable; 3M is display only. Read (2s10s): Steepening if 1M Δ >0, Flattening if 1M Δ <0, Flat if 1M Δ =0; the Current level is shown separately and does not override the Read. 1Y/3Y %ile = current level percentiles over trailing 1Y/3Y; yield/2s10s Δ in bps. Bond vol (MOVE) is on Global Volatility, not this panel. Source: Bloomberg MASTER (2) USGG2Y/USGG10Y; FRED DGS30 (US 30Y interim); FRED DGS2/DGS10 (2s10s). US 30Y is FRED DGS30 interim until USGG30Y is pasted onto MASTER (2).
| Series | Current | 1Y %ile | 3Y %ile | 1W | 1M | 3M | Read |
|---|---|---|---|---|---|---|---|
| S&P 500 | 15.49 | 19 | 37 | -3.43% | +1.24% | -2.21% | Rising |
| Nasdaq 100 | 21.86 | 32 | 60 | -0.95% | +9.08% | -18.77% | Rising |
| Russell 2000 | 20.54 | 24 | 19 | -4.02% | +12.24% | -1.44% | Rising |
| US Treasuries | 113.6 | 100 | 86 | +6.57% | +55.40% | +64.90% | Rising |
| Global FX | 7.06 | 70 | 41 | +5.22% | +5.69% | +18.66% | Rising |
VIX · NDX vol · RUT vol · MOVE · CVIX (FX) · as-of 2026-10-06
Context only — does not vote and does not change the Core Volatility leg. 1W / 1M / 3M are percent changes over 5 / 21 / 63 sessions; 1W and 3M are display only. 1Y/3Y %ile are current level percentiles over trailing 1Y/3Y. Global Volatility Reads use the signed 1M change only: >0 Rising, <0 Falling, =0 Flat; there are no panel bands or 3M confirmations. The Macro Weather Volatility light is intentionally unchanged: its legacy MOVE context tint uses the separate weather_read input, while the panel displays the simple 1M MOVE Read. Up = higher vol. Source: Bloomberg MASTER (2) PX_LAST. Core Volatility vote still uses Yahoo ^VIX only.
| Pair | 1W | 1M | 3M | Read |
|---|---|---|---|---|
| SPY vs UUP (DXY) | -0.36 | -0.24 | -0.30 | Risk-off |
| SPY vs US 10Y yields | -0.07 | -0.66 | -0.54 | Risk-off |
| SPY vs crude oil (WTI) | -0.82 | -0.51 | -0.58 | Risk-off |
| Bitcoin vs UUP (DXY) | +0.84 | +0.15 | -0.31 | — |
| Gold vs UUP (DXY) | +0.46 | -0.10 | -0.52 | — |
| Crude oil vs UUP (DXY) | +0.67 | -0.05 | +0.03 | — |
| Series | 1W | 1M | 3M |
|---|---|---|---|
| UUP (DXY) | +0.63% | +3.03% | +2.01% |
| 10Y yield (^TNX) | +4 bps | +51 bps | +72 bps |
| Crude oil (WTI) | -1.33% | -3.60% | +19.95% |
| Bitcoin (BTC-USD) | +3.09% | +8.20% | +38.47% |
| Gold (GC=F) | -0.18% | -6.80% | +2.19% |
as-of 2026-10-06
Windows: 5d (1W) / 21d (1M) / 63d (3M). Read uses 1M corr (|r| ≥ 0.15; 3M fallback if 1M missing). 1W is display only. SPY pairs keep Risk-on/off Reads; Bitcoin/Gold/Crude vs UUP are numbers-only (Read —). SPY vs US 10Y uses BBG USGG10Y daily Δ yield (not TLT). Rolling corr is noisy (esp. 1W); context only — not a regime leg.
coverage 499/503 names refreshed
| Measure | Current | 1W | 1M | 3M | Read |
|---|---|---|---|---|---|
| % above 200DMA (Δ pp) | 46.1% | +3.2 | -18.6 | -18.5 | Narrow |
| IWM (small) vs SPY (large) | -6.02% | -1.01% | -6.02% | -8.57% | Narrow |
| Measure | Current | vs 50DMA | vs 200DMA | 1M | 3M | Read |
|---|---|---|---|---|---|---|
| S&P 500 A/D line (TRADCADS Index) | 102,232 | -0.95% | -0.46% | -1.16% | -1.02% | Divergence |
Now: 46.1% above 200DMA
Reads: Broad / Narrow / Mixed (participation & size; context only). Changes are percentage points. Read uses level and primarily 1M Δ (conflicts = Mixed); thresholds ≥55% / ≤45%. Volume moved to its own section below. 46.1% SPX above 200DMA → Read Narrow (level ≥55% or 1M Δ ≥+5 pp = Broad; level ≤45% or 1M Δ ≤−5 pp = Narrow; conflicts = Mixed); RSP/SPY 21d -4.23%, 63d -4.49% · computed from 503 S&P constituents (portfolio OHLCV cache); n_valid=499 n_missing=4
A/D Read: Uptrend if line > 50DMA and 50DMA > 200DMA; Broken uptrend if line < 50DMA while 50DMA still > 200DMA; Downtrend if line < 50DMA and 50DMA < 200DMA; Divergence if SPX within ~3% of 52-week high while A/D is below its 50DMA (and/or 1M change negative). Context only — not a vote. Source: TRADCADS Index · as-of 2026-10-06.
| Horizon | on S&P 500 advances | on S&P 500 declines | Read |
|---|---|---|---|
| 1W | Moderate2 / 4 up days hi |
High-conviction1 / 1 dn days hi |
Moderate advances · High-conviction sell-offs |
| 1M | Moderate6 / 9 up days hi |
Moderate6 / 12 dn days hi |
Moderate volume conviction |
SPX Volume Conviction · last vol vs 20d avg 1.16× (heavier) · Overall: Moderate volume conviction · BBG · as-of 2026-10-06
Display only — does not vote. Daily BBG SPX VOLUME vs 20d avg baseline (≥1.0× = high-conviction day). Upside = advancing days; Downside = declining days. Side color by share of ≥1.0× days: ≥70% High-conviction (green), ≤30% Low-conviction (red), otherwise Moderate (yellow). Window Read uses the taxonomy below. Today’s print: both sides heavy (last 1.16× 20d avg). Prefer BBG over Yahoo.
Taxonomy
| Pair | Current | 1W | 1M | 3M | Read |
|---|---|---|---|---|---|
| MTUM (momentum) vs VLUE (value) | +8.50% | +1.30% | +8.50% | -2.09% | Momentum |
| IVW (S&P growth) vs IVE (S&P value) | +6.21% | +2.02% | +6.21% | +6.12% | Growth |
| SPHB (high-beta) vs SPLV (low-beta) | +9.76% | +2.67% | +9.76% | +12.89% | High Beta |
Overall (1M): Offensive growth · soft lean: Risk-on lean
Taxonomy: Offensive growth / Cyclical value / Defensive / Mixed (context only). SPHB vs SPLV Read uses the 1M relative return: positive = High Beta, negative = Low Beta, and |relative return| <0.5% = Mixed. The broader Style taxonomy and Overlay keep their existing Offensive growth / Defensive labels and logic.
| Basket | Current | 1W | 1M | 3M | Read |
|---|---|---|---|---|---|
| GS HF VIP | +0.64% | +2.61% | +0.92% | -3.02% | — |
| GS Most Short Rolling | -0.56% | -0.02% | -7.49% | -8.73% | — |
| VIP vs Most Short | +1.20% | +2.64% | +8.41% | +5.71% | Mixed |
Overall (1M): Mixed · as-of 2026-10-06
Context only — not a voting leg. GS HF VIP (GSTHHVIP) vs Most Short Rolling (GSCBMSAL). Pair = VIP return − Most Short return. Reads from GS basket signals (absolute + spread). Overlay for crowding; combine with Positioning / Style / breadth.
| Index | NTM EPS | Blended 4W rev | Blended 3M rev | Growth (NTM/TTM) | Growth 4W ago | Δ (pp) | Read |
|---|---|---|---|---|---|---|---|
| S&P 500 | 420.0 | +0.72% | +6.04% | +28.0% | +26.7% | +1.2 | Flat |
| S&P/TSX | 2308.0 | +0.81% | +0.17% | +19.1% | +18.3% | +0.8 | Flat |
| MSCI World | 283.6 | -0.04% | +5.46% | +23.8% | +23.8% | +0.0 | Flat |
| Region | Nowcast | 4W ago | Δ (pp) | Read |
|---|---|---|---|---|
| US | 2.1% | 2.2% | -0.1 | Flat |
| China | 5.5% | 4.0% | +1.5 | Improving |
| Euro Area | 1.0% | 0.4% | +0.7 | Improving |
as-of 2026-12-31
Context only — not a voting leg. Revision Read = mean of available 4W/3M % changes in Bloomberg Weighted Est and Next Year EPS (50/50 when both exist). NTM EPS level = Next Year estimate. Growth = NTM EPS / TTM EPS − 1. Nowcasts = Bloomberg Economics GDP nowcasts (US/China/Euro Area); always use the last non-null datapoint in each country column (may be dated past today). EA = Bloomberg Euro Area GDP nowcast (BENWEAGQ).
| Asset | Net | Net 4W ago | 3Y %ile | Read |
|---|---|---|---|---|
| Equities (ES) | -142,499 | -76,036 | 29.1 | Neutral |
| Nasdaq (NQ) | 52,105 | 22,712 | 96.8 | Contrarian Short |
| Small-cap (RTY) | -77,897 | -82,921 | 4.4 | Contrarian Long |
| Rates (10Y) | -900,615 | -834,783 | 17.1 | Contrarian Long |
| USD | 11,881 | 17,604 | 70.3 | Neutral |
| Crude | 109,463 | 136,579 | 17.1 | Contrarian Long |
| Gold | 210,181 | 223,928 | 46.2 | Neutral |
as-of 2026-10-06
Non-commercial / leveraged net · 3Y %ile. Read from 3Y %ile (80/20): excess long → Contrarian Short, excess short → Contrarian Long; not a vote. Asset-manager nets omitted (noisy scale).
| Measure | Current | Level 4W ago | 3Y %ile | Read |
|---|---|---|---|---|
| AAII bulls | 34.6% | 38.0% | 30.7 | Neutral |
| NAAIM exposure | 79.7 | 79.7 | 35.1 | Neutral |
Overall: Neutral · composite %ile 32.9 · as-of 2026-10-06
Read from 3Y %ile (80/20): excess long → Contrarian Short, excess short → Contrarian Long; not a vote.
| Date | Raw | 4W score | Weighted | Legacy persist | vol/cred/liq | Equities tgt | Veto |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Risk-off | -1.00 | Risk-off | Risk-off | -1/-1/0 | 45.0% | — |
| 2026-09-30 | Risk-off | -1.00 | Risk-off | Risk-off | -1/-1/0 | 45.0% | — |
| 2026-09-23 | Risk-off | -0.90 | Risk-off | Risk-off | -1/-1/0 | 47.5% | — |
| 2026-09-16 | Risk-off | -0.70 | Risk-off | Mixed | -1/0/-1 | 50.0% | — |
| 2026-09-09 | Risk-off | -0.40 | Risk-off | Mixed | -1/0/0 | 55.0% | — |
| 2026-09-01 | Mixed | +0.00 | Mixed | Mixed | -1/1/0 | 60.0% | — |
| 2026-08-25 | Mixed | +0.00 | Mixed | Mixed | -1/1/1 | 60.0% | — |
| 2026-08-18 | Mixed | -0.10 | Mixed | Mixed | -1/1/1 | 57.5% | — |
Headline = 4W weighted raw · Legacy persist = legacy 3-week confirm — not the headline.
21 trading days (2026-09-08 → 2026-10-06) · Risk-on 0 · Mixed 3 · Risk-off 18 · %>200DMA 40.3–61.1% (last 46.1%)
| Date | Regime (raw) | leg_score / legs | %>200DMA | liq / cred / vol |
|---|---|---|---|---|
| 2026-10-06 | Risk-off | ls=-0.75 · 0↑ 2↓ | 46.1% | liq:S cred:S vol:N |
| 2026-10-05 | Risk-off | ls=-0.75 · 0↑ 2↓ | 43.3% | liq:S cred:S vol:N |
| 2026-10-02 | Risk-off | ls=-0.75 · 0↑ 2↓ | 42.3% | liq:S cred:S vol:N |
| 2026-10-01 | Risk-off | ls=-0.75 · 0↑ 2↓ | 40.9% | liq:S cred:S vol:N |
| 2026-09-30 | Risk-off | ls=-0.75 · 0↑ 2↓ | 40.3% | liq:S cred:S vol:N |
| 2026-09-29 | Risk-off | ls=-0.75 · 0↑ 2↓ | 42.9% | liq:S cred:S vol:N |
| 2026-09-28 | Risk-off | ls=-0.75 · 0↑ 2↓ | 43.7% | liq:S cred:S vol:N |
| 2026-09-25 | Risk-off | ls=-0.50 · 1↑ 2↓ | 46.3% | liq:S cred:S vol:B |
| 2026-09-24 | Risk-off | ls=-0.75 · 0↑ 2↓ | 44.9% | liq:S cred:S vol:N |
| 2026-09-23 | Risk-off | ls=-0.75 · 0↑ 2↓ | 47.5% | liq:S cred:S vol:N |
| 2026-09-22 | Mixed | ls=-0.15 · 1↑ 1↓ | 49.3% | liq:S cred:N vol:B |
| 2026-09-21 | Mixed | ls=-0.15 · 1↑ 1↓ | 50.1% | liq:S cred:N vol:B |
| 2026-09-18 | Mixed | ls=-0.15 · 1↑ 1↓ | 49.9% | liq:S cred:N vol:B |
| 2026-09-17 | Risk-off | ls=-0.40 · 0↑ 1↓ | 50.7% | liq:S cred:N vol:N |
| 2026-09-16 | Risk-off | ls=-0.65 · 0↑ 2↓ | 50.5% | liq:S cred:N vol:S |
| 2026-09-15 | Risk-off | ls=-0.65 · 0↑ 2↓ | 53.3% | liq:S cred:N vol:S |
| 2026-09-14 | Risk-off | ls=-0.65 · 0↑ 2↓ | 56.7% | liq:S cred:N vol:S |
| 2026-09-11 | Risk-off | ls=-0.40 · 0↑ 1↓ | 56.9% | liq:S cred:N vol:N |
| 2026-09-10 | Risk-off | ls=-0.65 · 0↑ 2↓ | 55.1% | liq:S cred:N vol:S |
| 2026-09-09 | Risk-off | ls=-0.40 · 0↑ 1↓ | 57.3% | liq:S cred:N vol:N |
| 2026-09-08 | Risk-off | ls=-0.40 · 0↑ 1↓ | 61.1% | liq:S cred:N vol:N |