RED SESSION: SPY -0.75% | Range-bound

U.S. equities finished Monday broadly lower as early strength failed to hold. SPY opened at $768.10 and traded as high as $769.54, but weakness across eight of 11 sectors pulled it to a $763.72 low. A modest rebound left SPY at $765.55, or $1.83 above the low, though the close remained below the opening print and marked a decline of 0.75%.

• VIX: closed near $16.07 today; watch today's session high and low as the immediate technical reference for the next trading day.

S&P 500 (SPY): $768.10 (Open) → $765.55 (Close) | -0.75% | Range: $763.72-$769.54 NASDAQ (QQQ): $736.53 (Close) | -1.07% Russell 2000 (IWM): $280.05 (Close) | -0.68% VIX: 16.07 (+8.07%) Volume: Normal (0.96x average)

- PG: +1.92% to $149.04 — Benefited from the defensive rotation into Consumer Staples, Monday’s second-strongest sector. - PM: +1.73% to $193.78 — Also participated in Staples leadership as capital favored lower-beta exposure. - NKE: +1.73% to $36.37 — Displayed notable stock-specific relative strength despite Consumer Discretionary ranking among the weakest sectors; no confirmed company catalyst was supplied. - NVDA: +1.68% to $228.86 — Bucked the broader technology pressure and sharply outperformed other listed semiconductor names, including INTC and AMD. - DHR: +1.31% to $227.44 — Tracked Healthcare’s session-leading performance as defensive groups attracted relative demand.

- BA: -6.89% to $184.42 — The session’s steepest listed decline reflected pronounced company-specific pressure; no confirmed catalyst was supplied. - INTC: -5.67% to $116.03 — Semiconductor weakness was severe outside NVDA, with INTC materially underperforming QQQ. - META: -4.79% to $715.62 — Helped pull Communication Services down 1.56%, making it Monday’s weakest sector. - TSLA: -3.94% to $357.45 — Added to pressure in Consumer Discretionary, which declined 1.42%. - AMD: -3.61% to $607.87 — Joined INTC in the weaker portion of the semiconductor tape, highlighting substantial dispersion within the group.

Healthcare rose 0.33%, Consumer Staples gained 0.28% and Energy advanced 0.13%, leaving only three of 11 sectors positive. Leadership from defensive groups, alongside declines of 1.56% in Communication Services, 1.42% in Consumer Discretionary and 1.17% in Financials, indicated cautious risk appetite and broad rotation away from cyclical and growth-sensitive exposure.

Leading Sectors: Healthcare, Consumer Staples, Energy Lagging Sectors: Communication Services, Consumer Discretionary, Financials

- SPY’s $769.54 high marked immediate session resistance. The index could not sustain trade above its $768.10 opening print and closed at $765.55. - The $763.72 session low was the first observed support test. SPY recovered $1.83 from that point into the close, showing some demand near the bottom of the range. - The $768.10 opening level becomes the first recovery pivot. A sustained move back above it would place the $769.54 session high back in focus. - QQQ closed at $736.53 and IWM at $280.05. Those closes are the immediate confirmation points for whether Monday’s weakness extends or stabilizes during the next session.

No verified nightly movers or futures indications were supplied as of 5:52 p.m. ET, so Monday’s cash closes remain the valid overnight reference points. The TRH verdict remains MARKET VALUE INTACT — TEMPORARY DIPS, with P* at 38% and the desk rung HIGH (held) · P* in the ELEVATED band; dips are expected to be temporary and reversals can be sustained while SPY’s $725 invalidation holds and until the next tier-one release. PCE and Personal Income and Outlays are ahead Wednesday, followed by Friday’s Employment Situation report, so the model book uses smaller sizing into those releases and does not initiate leveraged exposure into NFP day.

An orderly but broad defensive rotation left the major indexes lower, with normal volume and a late recovery from SPY’s session low preventing the decline from becoming disorderly.