Trend has stabilized, but breadth and concentration risks remain.

Leadership remains narrow and sensitive to valuation and policy risk.

Rate volatility continues to define the equity risk premium.

FX markets are positioned for renewed volatility around inflation.

A hotter print could reinforce restrictive-policy expectations.

Late-cycle caution remains active without a confirmed recession signal.

Lower oil supports the inflation outlook, while yields cap upside.

Lower energy prices are relieving pressure on inflation expectations.

Liquidity, technology sentiment and risk appetite remain key drivers.

Momentum has improved while breadth and concentration remain concerns.

US2000 participation is needed to validate broader risk expansion.

Options markets remain sensitive to CPI and Fed repricing.