2026-08-03 · Records, But Rotation Underneath
Stocks hit fresh highs, but every confirmed reversal signal today was bearish and clustered in overextended Financials and Health Care — a sign of rotation into semiconductors, not a market top.
The Signal
The Dow closed at a record and the Nasdaq led on strength in semiconductors and tech hardware. Oil eased on cooling Middle East tension, taking some pressure off inflation. Under the hood, raw market breadth and overall money flow both still lean bullish — this is not a market rolling over. The real catalyst is still ahead: Friday's jobs report, arriving alongside a heavy week of…
The skinny
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