FLAT SESSION: SPY -0.14% | Range-bound

Friday’s session was range-bound but internally weak. SPY opened at $761.50, reached $762.00, and slipped to $757.97 before recovering to $761.54, four cents above its opening print but down 0.14% on the day. The rebound from the session low prevented a more decisive breakdown, while the inability to close above $762.00 left the upper boundary of Friday’s range unresolved.

Breadth was substantially weaker than the headline indices: only two of 11 sectors advanced, and volume reached 1.56 times average, indicating significant institutional repositioning despite limited index movement. Semiconductor strength lifted QQQ 0.63%, but IWM fell 0.49% as weakness spread across materials, utilities and communication services. The VIX declined 4.02% to 14.82, showing that the broad weakness remained orderly rather than volatility-driven.

S&P 500 (SPY): $761.50 (Open) → $761.54 (Close) | -0.14% | Range: $757.97-$762.00 NASDAQ (QQQ): $721.45 (Close) | +0.63% Russell 2000 (IWM): $284.03 (Close) | -0.49% VIX: 14.82 (-4.02%) Volume: Heavy (1.56x average)

- Texas Instruments (TXN): +3.29% to $266.64 — Led the listed gainers as semiconductor strength helped Technology finish at the top of the sector table. - Broadcom (AVGO): +2.97% to $357.61 — Participated in the chip-led advance that supported QQQ despite weak overall breadth. - Advanced Micro Devices (AMD): +2.70% to $559.82 — Extended the concentrated semiconductor leadership, reinforcing the divide between large-cap technology and the broader market. - Caterpillar (CAT): +1.31% to $809.04 — Outperformed alongside the 0.42% advance in Industrials, one of only two sectors that finished positive. - Amazon (AMZN): +1.00% to $253.71 — Provided additional large-cap support in a session where index performance depended heavily on a narrow group of leaders.

- Accenture (ACN): -4.77% to $181.21 — Recorded the largest listed decline, illustrating that Technology’s strength was concentrated in semiconductors rather than broad across the sector. - IBM (IBM): -3.45% to $229.55 — Fell sharply despite the positive Technology-sector close, another indication of narrow leadership. - PepsiCo (PEP): -2.93% to $129.75 — Defensive exposure weakened even as the broader market’s internal participation deteriorated. - Meta Platforms (META): -2.43% to $665.75 — Pressured Communication Services, which declined 1.35% and ranked among the session’s weakest sectors. - Nike (NKE): -2.27% to $35.53 — Lagged amid the broader rotation away from much of the market outside large-cap technology and industrial leadership.

Technology advanced 0.82% and Industrials gained 0.42%, while Financials were unchanged at 0.00%; those results match the fact that only two of 11 sectors finished positive. Materials fell 1.43%, Utilities declined 1.42%, and Communication Services lost 1.35%, signaling selective appetite for semiconductor and industrial exposure rather than broad risk participation.

Leading Sectors: Technology, Industrials, Financials Lagging Sectors: Materials, Utilities, Communication Services

- SPY tested $762.00 but did not close above it. That session high is the first observed resistance reference, with SPY settling just below it at $761.54. - SPY reached $757.97 and recovered into the close. Friday’s low is the first observed support reference for the next trading session. - QQQ closed at $721.45 with relative strength. No QQQ intraday range was supplied, so the close serves as the clean reference point without inferring additional levels. - IWM closed at $284.03 while lagging both large-cap benchmarks. No IWM intraday range was supplied; its closing level is the relevant reference for whether small-cap underperformance persists.

The TRH verdict remains MARKET VALUE INTACT — TEMPORARY DIPS, with P* at 27% and the desk rung HIGH (held) · P* in the ELEVATED band; dips are expected to be temporary and reversals can be sustained while SPY holds $714.25 and until the September 30 PCE release or a move back to MODERATELY ELEVATED or lower. The model book uses smaller initial sizing during the elevated event window, while Friday’s $762.00 high and $757.97 low define the immediate range for the next session. No post-close movers or futures indications were supplied as of 4:30 p.m. ET, so no live overnight direction is yet established.

A range-bound rotation session in which heavy volume and weak breadth contrasted with semiconductor-led QQQ strength and SPY’s recovery from $757.97.