FLAT SESSION: SPY +0.31% | Range-bound

U.S. equities finished modestly higher in a range-bound session, with selective buying lifting 7 of 11 sectors. SPY opened at $766.20, traded as high as $766.78 and fell to $763.05 before recovering to $765.85, up 0.31%. The $3.73 intraday range represented just 0.49% of the close, consistent with a normal-volatility, sideways session. SPY finished $2.80 above its low but $0.93 below its high, showing that buyers defended the lower end of the range without producing a decisive breakout.

• IWM: closed near $299.28 today; watch today's session high and low as the immediate technical reference for the next trading day.

• SPY: closed near $765.85 today; watch today's session high and low as the immediate technical reference for the next trading day. NASDAQ (QQQ): $710.72 (Close) | +0.62% • IWM: closed near $299.28 today; watch today's session high and low as the immediate technical reference for the next trading day. VIX: N/A (+0.00%) Volume: Light (0.60x average)

- AMD: +4.91% to $479.18 — Led the session’s semiconductor advance and substantially outperformed XLK’s 0.96% gain, making it the strongest large-cap momentum name in the supplied universe. - MRK: +3.84% to $156.45 — Provided notable healthcare leadership as XLV advanced 0.34%; the scale of the move suggests stock-specific demand beyond the sector’s broader gain. - GE: +2.24% to $349.51 — Showed strong relative performance despite Industrials falling 0.34%, signaling company-specific buying rather than a sector-wide bid. - NVDA: +2.19% to $213.05 — Joined AMD in leading chip stocks higher and helped support QQQ’s 0.62% outperformance. - GS: +2.19% to $1,059.01 — Displayed firm stock-specific strength in an otherwise selective market, finishing among the day’s top large-cap gainers.

- NKE: -3.12% to $39.48 — Was the session’s largest listed decliner, reflecting concentrated selling in the consumer name despite the broader market’s positive finish. - XOM: -2.09% to $160.62 — Traded in line with pronounced energy weakness as XLE dropped 1.65%, the worst sector performance of the session. - PEP: -1.66% to $142.27 — Fell alongside the defensive-staples group, which declined 1.07% and ranked as the second-weakest sector. - MCD: -1.63% to $268.09 — Experienced stock-specific consumer selling and failed to participate in the broader index advance. - CRM: -1.61% to $205.69 — Diverged sharply from Technology’s 0.96% gain, indicating that software participation was uneven despite strength in the broader growth complex.

Technology gained 0.96%, Communication Services rose 0.76% and Healthcare added 0.34%, giving the session a growth-oriented leadership profile with limited defensive participation. Energy fell 1.65%, Consumer Staples lost 1.07% and Industrials declined 0.34%; this rotation signaled selective risk appetite rather than broad accumulation, particularly with only 0.60x average volume.

- SPY support: The $763.05 session low attracted buyers, and SPY recovered $2.80 from that level to close at $765.85. A break below $763.05 in the next session would weaken the range and signal that the rebound lacked durability. - SPY resistance: The $766.20 open and $766.78 session high form the immediate resistance zone. A sustained move above $766.78 would mark a breakout from Tuesday’s range; another rejection would preserve the sideways setup. - QQQ leadership test: QQQ closed at $710.72 after gaining 0.62%. Holding above the $710 area would preserve its relative-strength advantage, while a move back below that zone would indicate fading growth momentum. - IWM threshold: IWM finished at $299.28, placing the $300 psychological level just $0.72 higher. A move through $300 would support broader risk participation beyond mega-cap technology.

The next session’s first decision point is whether SPY can clear $766.78 or loses $763.05, with QQQ’s ability to hold near $710.72 providing an important read on growth leadership. No verified after-hours movers, futures indications or specific economic releases were included in the 4:30 p.m. ET data set, so traders should confirm overnight index futures and the economic calendar before positioning. Semiconductor follow-through in AMD and NVDA, along with stabilization or continued weakness in XLE, should help determine whether participation broadens.

A low-volume, range-bound advance led by technology and semiconductors, with buyers defending SPY’s $763.05 low but failing to break resistance at $766.78.