Ongoing Rotation with Just Minor Evidence of Defensiveness

US Equity trends remain range-bound rather than broken, and Monday's roughly 1% bounce in $SPX and $QQQ does little to change a picture that has gone largely trendless into the close of the first half of 2026. Interest rates and Crude's ongoing softness continue to take pressure off risk assets, so the macro backdrop still seems quite helpful toward risk assets. However, the rotation out of Technology late last week...
US Equity trends remain range-bound rather than broken, and Monday's roughly 1% bounce in $SPX and $QQQ does little to change a picture that has gone largely trendless into the close of the first half of 2026. Interest rates and Crude's ongoing softness continue to take pressure off risk assets, so the macro backdrop still seems quite helpful toward risk assets. However, the rotation out of Technology late last week...
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