GREEN SESSION: SPY +0.60% | Range-bound

Friday’s session produced a broad but low-conviction rebound after two consecutive lower closes. SPY opened at $776.36, briefly tested $775.14, and then advanced to $779.42 before settling at $778.54, up 0.60%. The close was only $0.88 below the session high, showing that the early weakness was absorbed, although volume at 0.50x average limits the strength of the confirmation. Eight of 11 sectors finished higher, while QQQ and IWM each gained 0.49%.

The preliminary University of Michigan sentiment index came in soft at 46.3 versus 47.5 consensus and 48.1 previously. One-year inflation expectations were 4.7% versus 4.8% expected, but above the prior 4.6%. SPY rose 0.32% from the 9:55 ET pre-release bar through 15:55 ET, while ES gained 0.06% in the first 30 minutes and 0.34% from its pre-print level. The weaker growth reading therefore did not derail the rebound; positioning after two down closes and Friday’s short-squeeze tendency helped the tape absorb it.

Cross-asset trading remained orderly rather than emphatically risk-seeking. The VIX fell 3.70% to 14.84, but the 10-year Treasury yield edged up 1 basis point to 5.24%, and WTI held near $91.58. Real estate and healthcare led, while communication services fell despite strength in selected large-cap technology and payments names.

S&P 500 (SPY): $776.36 (Open) → $778.54 (Close) | +0.60% | Range: $775.14-$779.42 NASDAQ (QQQ): $751.27 (Close) | +0.49% Russell 2000 (IWM): $278.93 (Close) | +0.49% VIX: 14.84 (-3.70%) Volume: Light (0.50x average)

- ORCL: +4.30% to $141.53 — Led the listed gainers on pronounced company-level strength, although no confirmed stock-specific catalyst was supplied in the session feed. - AMZN: +3.29% to $262.43 — Outperformed alongside the advance in consumer discretionary, one of Friday’s three leading sectors. - CSCO: +3.05% to $118.39 — Networking shares attracted selective technology demand even as the broader communication-services group lagged. - V: +2.77% to $385.50 — Payments shares showed relative strength during the broad rally and declining-volatility session. - MA: +2.52% to $589.23 — Advanced with Visa, indicating concentrated strength in the payments group rather than uniform sector leadership.

- INTC: -2.22% to $104.70 — Led the listed declines as semiconductor performance diverged from strength elsewhere in large-cap technology. - AMD: -2.03% to $608.10 — Joined Intel in semiconductor weakness, showing that Friday’s technology participation was selective. - PEP: -1.85% to $125.97 — Declined as consumer staples finished among the session’s lagging sectors. - HD: -1.60% to $290.74 — Underperformed despite the broader consumer-discretionary advance, highlighting uneven participation within the group. - TXN: -1.55% to $283.74 — Extended the pattern of semiconductor weakness alongside Intel and AMD.

Real Estate gained 1.87%, Healthcare rose 1.58%, and Consumer Discretionary advanced 1.03%, combining defensive and rate-sensitive leadership with selective growth participation. Communication Services fell 1.53%, Energy slipped 0.23%, and Consumer Staples eased 0.01%; the mixed leadership and light volume point to rotation within a broad rebound rather than a decisive risk-appetite shift.

- SPY’s $775.14 session low held below the $776.36 opening level, making those observed prices the first support area for the next trading session. - The advance reached $779.42 before SPY closed at $778.54; the session high is the immediate resistance test, while the near-high close preserved positive intraday momentum. - QQQ closed at $751.27 and IWM at $278.93, with both trailing SPY’s advance. Those closing prices are the first reference levels for whether Friday’s broad participation persists. - VIX finished at 14.84 after declining 3.70%, consistent with normal volatility and orderly trading rather than a stress event.

No post-close nightly movers or futures indications were provided as of 4:53 PM ET, so the next confirmed catalyst is Wednesday’s October 14 CPI release. The TRH stance is MARKET VALUE INTACT — TEMPORARY DIPS, alongside DRAWDOWN RISK MODERATELY ELEVATED · P* 23%; the desk reads dips as temporary and reversals can be sustained while SPY holds $725, but the elevated event window keeps model-book position sizing smaller into CPI and excludes newly initiated leverage on the release day. Structurally, the cycle remains defensive even though the tactical regime still sees market value intact.

A broad, range-bound rebound closed near the session high, but half-normal volume left the advance orderly rather than fully confirmed.