2026-08-02 · Rotation, not a top
The indexes made new highs while every confirming signal pointed the other way. That gap is money rotating out of financials, health care, real estate and industrials into semiconductors, not a broad top.
The Signal
The Fed held rates, removing the week's biggest question mark. Second-quarter growth came in below forecast while consumer spending held up, which reads as slowing rather than stalling. Breadth is where it gets interesting: broad money flow leans toward buying, but every confirmed reversal pattern this week pointed lower and money-flow divergences ran heavily bearish. New…
The skinny
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