ETF Macro Technical Chartdeck

Executive Summary

Most important current extremes and changes across the full deck.

Plain-English Read-Through

Best-positioned groups right now: Thematic Growth / Tech, US Factor / Size, Mega Cap / Equal Weight. These have the strongest blend of trend, relative strength, and recent inflection.

Thematic Growth / Tech1.13US Factor / Size0.69Mega Cap / Equal Weight0.25

Most vulnerable groups right now: Commodities / Crypto / USD, Financial / Health Care Industries, Rates / Credit. These are weaker across trend and recent change metrics.

Commodities / Crypto / USD-0.84Financial / Health Care Industries-0.74Rates / Credit-0.70

USD Shock Read-Through

If usd rises, helped: Rates / Credit, US Sector, Mega Cap / Equal Weight.

If usd rises, hurt: Metals / Miners, International Equity, Thematic Growth / Tech.

If usd falls, helped: Metals / Miners, International Equity, Thematic Growth / Tech.

If usd falls, hurt: Rates / Credit, US Sector, Mega Cap / Equal Weight.

Oil Shock Read-Through

If oil rises, helped: Rates / Credit, US Sector, Industries / Infrastructure / Housing.

If oil rises, hurt: Metals / Miners, International Equity, Thematic Growth / Tech.

If oil falls, helped: Metals / Miners, International Equity, Thematic Growth / Tech.

If oil falls, hurt: Rates / Credit, US Sector, Industries / Infrastructure / Housing.

Rates Shock Read-Through

If rates rises, helped: Rates / Credit, US Sector, Commodities / Crypto / USD.

If rates rises, hurt: Metals / Miners, International Equity, Thematic Growth / Tech.

If rates falls, helped: Metals / Miners, International Equity, Thematic Growth / Tech.

If rates falls, hurt: Rates / Credit, US Sector, Commodities / Crypto / USD.

Breadth Snapshot

Above 20DMA65.8%
Above 50DMA61.4%
Above 200DMA74.6%
Positive 20D Return54.4%
Within 5% 52W High57.0%
20D New Lows11.4%

1M Leadership

UFO30.6%
BUG11.8%
NXTG11.2%
QTUM10.9%
XTL10.4%
SMH10.3%
XLK8.7%
AIQ8.5%
CARZ8.5%
MTUM6.6%
ROBO5.8%
XTN5.7%

1M Laggards

URA-10.8%
URNM-9.7%
GDXJ-8.1%
BTC-USD-7.0%
EWZ-6.9%
GDX-6.8%
PALL-6.7%
SIL-5.8%
SLV-5.7%
PLTM-5.6%
GLD-5.4%
SILJ-5.2%

Return Z-Score Extremes

Extended

NXTG3.17
UFO3.02
BUG2.99
AIQ2.35
CARZ2.19
QTUM2.05
XLK2.02
MTUM1.94

Washed Out

EWZ-1.48
STIP-1.30
IHI-1.20
GLD-1.18
GSG-1.05
SHY-1.02
FCG-1.01
XLU-0.99

Moving Average Extremes

Above Own Norm

NXTG2.94
UFO2.62
BUG2.57
AIQ2.11
CARZ1.96
XLK1.88
QTUM1.83
MTUM1.71

Below Own Norm

GLD-1.79
EWZ-1.68
GDX-1.54
GDXJ-1.48
SIL-1.16
IHI-1.15
PALL-1.04
FCG-1.01

Relative Strength Extremes

Improving vs SPY

NXTG4.81
AIQ4.72
CARZ4.16
XLK4.11
MTUM3.79
QQQ3.47
SMH3.37
QTUM2.80

Deteriorating vs SPY

IHI-3.63
XLC-2.93
SPXT-2.90
BKLN-2.89
HYG-2.64
FCG-2.62
XLF-2.57
UUP-2.55

Signal Changes

PPO Buy Signals

CARZ, AIQ, PFF, SOCL, PALL

PPO Sell Signals

XLF

Inflection Leaders

Improving Fastest

UFO1.08
COAL0.94
JETS0.75
EEM0.65
XTL0.64
MTUM0.63
WOOD0.54
ITA0.54

Deteriorating Fastest

BUG-1.36
FCG-1.03
XLE-0.98
OIH-0.96
XES-0.95
XOP-0.85
DBC-0.85
GSG-0.76

Macro Sensitivity

Most Oil-Sensitive 30D

XOP0.53
FCG0.50
GSG0.50
XLE0.40
DBC0.38
XES0.25
CRAK0.25
OIH0.20

Most Rate-Sensitive 30D

USO56.09
XOP30.49
FCG29.59
GSG26.85
XLE23.97
DBC20.14
CRAK8.57
XES8.26

Most USD-Sensitive 30D

USO6.34
XOP3.22
FCG3.02
GSG2.56
XLE1.92
DBC1.62
BUG1.10
IGV1.07

Macro Beta Stability

Oil Beta Shift

SLV-0.25
GDXJ-0.21
SIL-0.20
GDX-0.20
SILJ-0.20
GLD-0.17

Rates Beta Shift

GDXJ-25.76
SIL-25.74
SILJ-25.10
GDX-24.42
URA-24.15
COPX-20.94

USD Beta Shift

USO5.00
URA-4.76
URNM-4.20
NUKZ-3.23
SMH-3.14
ITA-3.02

Volatility / Risk

Highest Vol Regime

BUG97%
GSG93%
USO93%
IHI92%
UFO92%
JETS91%
FCG91%
XLE91%

Best 60D Return / Vol

XLK2.06
QQQ1.97
NXTG1.92
SMH1.83
QTUM1.81
AIQ1.80
OEF1.79
XLG1.75

Worst 60D Return / Vol

FCG-0.47
XOP-0.44
XLE-0.40
IHI-0.40
COAL-0.28
CRAK-0.14
WOOD-0.11
GLD-0.08

SPY Shock Map

SPY Up Shock: Biggest ETF Impact

SILJ10.0%
COPX9.8%
URA9.7%
GDXJ9.6%
SIL9.5%
GDX8.6%
URNM8.4%
SLV8.4%

SPY Down Shock: Biggest ETF Impact

USO9.7%
XOP5.2%
GSG4.7%
FCG4.7%
XLE3.5%
DBC2.8%
COAL1.4%
CRAK0.9%

Most Equity-Sensitive Sleeves

Metals / Miners2.01
Thematic Growth / Tech1.44
International Equity1.26
US Factor / Size1.02
Mega Cap / Equal Weight0.97

Signal Change And Inflection

Fastest 5- and 10-day changes in return z-score, relative strength, moving-average posture, and breadth momentum.

Fastest Technical Improvement

Ticker	Inflection Composite	30D Ret Z 5D Chg	RS Z 5D Chg	50DMA Z 5D Chg
UFO	1.08	1.74	0.70	0.80
COAL	0.94	0.87	0.49	1.45
JETS	0.75	1.06	0.23	0.95
EEM	0.65	0.58	0.69	0.67
XTL	0.64	1.32	0.06	0.54
MTUM	0.63	0.57	1.07	0.25
WOOD	0.54	0.94	-0.25	0.93
ITA	0.54	0.69	0.37	0.57
SOCL	0.50	0.37	0.74	0.40
AIQ	0.50	0.25	1.12	0.12
XLC	0.48	0.48	0.84	0.12
PEJ	0.47	0.68	0.07	0.67
XHB	0.44	0.74	-0.01	0.58
NXTG	0.43	0.66	0.46	0.18
XME	0.43	0.60	0.06	0.63

Fastest Technical Deterioration

Ticker	Inflection Composite	30D Ret Z 5D Chg	RS Z 5D Chg	50DMA Z 5D Chg
BUG	-1.36	-1.44	-0.77	-1.88
FCG	-1.03	-1.00	-1.04	-1.05
XLE	-0.98	-0.98	-0.97	-1.00
OIH	-0.96	-0.96	-1.08	-0.84
XES	-0.95	-1.01	-0.95	-0.89
XOP	-0.85	-0.82	-0.93	-0.82
DBC	-0.85	-1.07	-0.35	-1.12
GSG	-0.76	-1.03	-0.29	-0.97
IAK	-0.72	-0.56	-0.64	-0.96
USO	-0.69	-0.91	-0.27	-0.89
CLOU	-0.65	-0.66	-0.46	-0.84
CRAK	-0.58	-0.77	-0.54	-0.43
XLF	-0.46	-0.27	-0.65	-0.45
IHI	-0.45	-0.20	-0.48	-0.66
DBA	-0.41	-0.65	-0.38	-0.20

Relative Strength Inflections

Ticker	RS Z 10D Chg	RS Z 5D Chg	30D Ret Z 5D Chg
AIQ	2.19	1.12	0.25
NXTG	2.00	0.46	0.66
MTUM	1.57	1.07	0.57
CARZ	1.42	0.40	0.23
UFO	1.28	0.70	1.74
QTUM	1.26	0.13	0.34
EEM	1.26	0.69	0.58
XLK	1.21	0.64	0.12
QQQ	1.15	0.70	0.12
SPHB	1.04	0.33	0.60
SMH	0.99	0.39	0.14
ROBO	0.83	-0.25	0.13
COPX	0.83	-0.03	0.84
XME	0.81	0.06	0.60
ITA	0.80	0.37	0.69

Breadth Momentum

Ticker	Latest %	5D Chg %	10D Chg %
Above 20DMA	66%	11%	25%
RSI Overbought	18%	11%	13%
20D New Low	11%	4%	-6%
Positive 20D Return	54%	4%	-5%
Above 200DMA	75%	3%	9%
RSI Oversold	0%	0%	-3%
52W New Low	0%	0%	-2%
PPO Sell Signal	1%	0%	1%
Within 5% 52W High	57%	-1%	4%
Above 50DMA	61%	-1%	6%
More Than 20% Below 52W High	12%	-2%	-4%
20D New High	14%	-3%	8%
52W New High	5%	-4%	4%
PPO Buy Signal	4%	-6%	4%

Performance Leaders And Laggards

Sorted high-to-low on the best side and low-to-high on the worst side by trailing one-month return.

Top 20 1M Performers

Ticker	1M Return	3M Return	60D Return Z	120D Return Z	20DMA Dev Z	50DMA Dev Z
UFO	30.6%	45.5%	3.09	1.06	2.61	2.62
BUG	11.8%	30.2%	4.06	0.96	0.25	2.57
NXTG	11.2%	40.2%	5.35	3.57	2.02	2.94
QTUM	10.9%	45.2%	3.54	1.29	1.16	1.83
XTL	10.4%	28.5%	2.07	1.63	1.53	1.14
SMH	10.3%	56.4%	3.57	1.64	0.70	1.57
XLK	8.7%	39.2%	3.83	1.50	0.82	1.88
AIQ	8.5%	40.3%	4.16	1.36	1.10	2.11
CARZ	8.5%	48.6%	4.25	2.04	0.95	1.96
MTUM	6.6%	31.5%	3.83	1.80	1.00	1.71
ROBO	5.8%	28.6%	3.44	1.32	0.64	1.35
XTN	5.7%	19.8%	2.00	0.82	1.64	0.75
SPHB	5.4%	26.2%	2.63	0.89	1.03	1.25
JETS	5.4%	16.3%	1.38	-0.08	2.10	1.34
PINK	5.3%	14.0%	2.37	-0.13	0.97	1.35
QQQ	5.0%	27.1%	3.40	1.01	0.53	1.44
COAL	4.3%	-3.1%	-0.74	-0.22	1.51	0.72
COPX	4.2%	21.4%	0.90	-1.01	0.08	0.09
IHE	3.6%	7.7%	1.08	0.14	1.03	0.94
ITA	3.6%	4.7%	0.26	-1.36	0.88	0.33

Worst 20 1M Performers

Ticker	1M Return	3M Return	60D Return Z	120D Return Z	20DMA Dev Z	50DMA Dev Z
URA	-10.8%	7.4%	0.02	-1.27	-0.39	-0.84
URNM	-9.7%	2.1%	-0.16	-1.55	-0.16	-0.82
GDXJ	-8.1%	6.3%	-0.61	-2.61	-1.07	-1.48
BTC-USD	-7.0%	8.2%	0.53	-0.82	-0.88	-0.47
EWZ	-6.9%	-1.9%	-0.51	-0.83	-0.79	-1.68
GDX	-6.8%	3.7%	-0.76	-2.59	-1.07	-1.54
PALL	-6.7%	2.9%	-0.25	-2.24	-0.48	-1.04
SIL	-5.8%	9.4%	-0.37	-2.31	-0.98	-1.16
SLV	-5.7%	11.1%	-0.20	-2.12	-1.10	-0.84
PLTM	-5.6%	5.4%	-0.28	-2.13	-0.93	-0.94
GLD	-5.4%	2.0%	-1.03	-3.74	-1.41	-1.79
SILJ	-5.2%	9.7%	-0.34	-1.98	-0.86	-0.97
FXI	-5.0%	1.1%	-0.27	-2.02	-0.91	-0.92
SOCL	-3.3%	7.6%	0.71	-1.74	-0.10	-0.36
CRAK	-3.3%	-2.5%	-0.63	0.54	-1.27	-0.80
BJK	-3.0%	2.0%	0.57	-0.81	-0.38	-0.71
GSG	-2.9%	3.1%	-0.45	1.52	-2.05	-0.99
USO	-2.9%	11.7%	-0.02	2.18	-1.68	-0.66
INDA	-2.5%	4.2%	1.20	-0.77	0.30	-0.36
DBC	-2.5%	3.7%	-0.24	1.27	-2.12	-0.96

Universe Drilldown By Sleeve

Sleeve-level tables keep the read-through compact.

Mega Cap / Equal Weight

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
MAGS	0.34	2.06	-0.33	0.76	0.47	0.90	0.14
XMAG	1.21	2.56	0.79	-1.55	1.05	1.64	1.39
XLG	0.68	2.53	0.13	0.66	0.67	1.27	0.54
OEF	0.98	2.84	0.29	1.59	0.93	1.53	0.78
RSP	0.66	1.95	0.19	-2.12	0.64	0.84	0.65
SPXT	0.22	1.91	-0.43	-2.90	0.11	0.45	-0.07

US Factor / Size

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
SPHD	0.15	0.30	-0.12	-1.95	0.24	-0.21	-0.12
IWF	0.69	2.42	0.00	0.82	0.69	1.21	0.46
SPHB	1.30	2.63	0.89	1.69	1.25	1.79	1.60
SPLV	-0.49	0.27	-0.34	-2.10	-0.31	-0.74	-0.57
QQQ	1.57	3.40	1.01	3.47	1.44	2.24	1.88
VO	0.51	1.87	0.10	-2.24	0.43	0.79	0.52
MTUM	1.94	3.83	1.80	3.79	1.71	2.88	2.69
QUAL	0.89	2.69	0.17	-1.59	0.89	1.37	0.78
IWM	0.80	2.34	0.56	0.31	0.84	1.42	1.16
IWD	1.02	2.68	0.80	-1.14	0.93	1.51	1.39
SPY	0.95	2.87	0.36	n/a	0.90	1.53	0.94

US Sector

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
XLY	0.43	1.58	-0.49	-0.91	0.46	0.66	-0.03
XLP	0.30	0.49	0.04	-1.46	0.23	-0.14	0.22
XLC	-0.28	0.98	-1.02	-2.93	-0.46	-0.43	-1.03
XLE	-0.43	-1.44	0.79	-2.41	-0.48	-0.55	0.65
XLF	-0.47	1.02	-1.07	-2.57	-0.45	-0.13	-1.11
XLV	0.85	0.60	-0.63	-1.64	0.52	-0.06	-0.58
XLI	0.08	1.17	-0.01	-1.80	-0.06	-0.01	0.14
XLK	2.02	3.83	1.50	4.11	1.88	2.76	2.48
XLB	-0.25	0.51	-0.07	-1.60	-0.26	-0.09	0.47
XLRE	0.15	1.96	0.99	-0.68	0.23	0.67	0.91
XLU	-0.99	-0.86	-0.38	-2.44	-0.80	-1.19	-0.95

Industries / Infrastructure / Housing

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
XTL	1.65	2.07	1.63	0.61	1.14	1.53	1.93
SOCL	-0.22	0.71	-1.74	-0.89	-0.36	-0.33	-1.28
HERO	-0.90	-0.14	-1.96	-1.94	-0.92	-0.81	-1.48
NXTG	3.17	5.35	3.57	4.81	2.94	4.20	4.34
XES	-0.63	0.00	0.96	-1.04	-0.36	0.12	0.90
XOP	-0.74	-1.43	1.13	-2.43	-0.78	-0.58	0.65
OIH	-0.63	-0.07	0.85	-1.12	-0.34	0.15	0.94
CRAK	-0.51	-0.63	0.54	-1.96	-0.80	-0.45	0.34
FCG	-1.01	-1.54	0.83	-2.62	-1.01	-0.80	0.43
COAL	0.34	-0.74	-0.22	-1.78	0.72	0.16	0.41
NUKZ	-0.45	0.20	-1.02	-1.15	-0.40	-0.41	-0.70
JETS	1.52	1.38	-0.08	-0.01	1.34	0.96	0.28
PAVE	0.00	1.47	0.47	-0.70	0.12	0.50	0.64
ITA	0.79	0.26	-1.36	-2.04	0.33	-0.54	-0.86
XTN	0.60	2.00	0.82	0.55	0.75	1.20	1.26
CARZ	2.19	4.25	2.04	4.16	1.96	3.01	2.89
XHB	-0.50	0.78	-0.61	-1.03	-0.00	-0.10	-0.46
ITB	-0.55	0.58	-0.69	-0.94	0.02	-0.16	-0.53

Thematic Growth / Tech

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
SMH	1.68	3.57	1.64	3.37	1.57	2.52	2.45
IGV	1.08	1.87	-0.37	0.33	1.04	1.15	-0.07
CLOU	1.56	1.81	0.17	0.10	1.07	1.37	0.66
BUG	2.99	4.06	0.96	2.38	2.57	3.01	1.65
GRID	0.43	2.52	0.99	0.50	0.28	1.08	1.33
PINK	1.84	2.37	-0.13	-0.16	1.35	1.25	0.25
ARKK	0.06	0.98	-0.45	-0.21	0.03	0.24	-0.24
UFO	3.02	3.09	1.06	1.97	2.62	2.84	2.75
BJK	-0.57	0.57	-0.81	-1.88	-0.71	-0.31	-0.92
AIQ	2.35	4.16	1.36	4.72	2.11	3.02	2.59
QTUM	2.05	3.54	1.29	2.80	1.83	2.59	2.48
PEJ	0.40	1.11	-0.23	-1.80	0.40	0.42	-0.08
PNQI	-0.16	1.34	-1.06	-1.12	-0.13	0.21	-0.81
ROBO	1.44	3.44	1.32	2.46	1.35	2.08	2.06

Financial / Health Care Industries

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
KRE	-0.40	0.68	-0.33	-1.28	-0.17	0.06	-0.13
IAK	-0.65	0.66	-0.45	-1.84	-0.53	-0.42	-0.86
PSP	0.23	1.48	-1.42	-0.82	0.05	0.47	-0.67
IYG	-0.44	0.92	-1.09	-2.53	-0.40	-0.11	-1.10
IAI	-0.31	0.99	-1.14	-1.64	-0.31	0.05	-0.78
XBI	0.11	0.96	0.00	-1.01	-0.11	0.23	0.15
IBB	0.00	0.50	-0.60	-1.90	-0.34	-0.28	-0.45
IHF	0.91	3.04	1.50	0.79	1.05	1.84	1.55
IHI	-1.20	-1.23	-2.54	-3.63	-1.15	-1.88	-2.79
IHE	1.34	1.08	0.14	-1.15	0.94	0.54	0.27

Rates / Credit

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
STIP	-1.30	0.30	-0.42	-2.31	-0.94	-0.56	-0.72
SHY	-1.02	-0.55	-1.34	-2.40	-0.99	-1.21	-1.76
TIP	-0.72	0.59	-0.41	-2.22	-0.48	-0.45	-0.63
IEF	-0.72	-0.19	-0.68	-2.21	-0.61	-0.89	-1.14
TLT	-0.36	0.03	-0.32	-1.94	-0.17	-0.48	-0.54
AGG	-0.61	0.06	-0.78	-2.31	-0.49	-0.74	-1.03
CWB	1.81	3.66	1.21	0.22	1.27	2.28	2.25
EMLC	-0.43	0.77	-1.34	-2.02	-0.60	-0.47	-0.74
EMB	-0.20	1.43	-0.80	-2.36	-0.14	-0.11	-0.72
HYG	-0.46	1.16	-1.03	-2.64	-0.37	-0.22	-0.88
LQD	-0.31	0.56	-0.65	-2.31	-0.21	-0.39	-0.74
BKLN	-0.27	0.74	-1.10	-2.89	-0.39	0.12	-0.99
MBB	-0.71	-0.00	-0.80	-2.28	-0.57	-0.78	-0.99
PFF	0.11	1.40	-0.42	-2.46	-0.03	0.33	0.10

Metals / Miners

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
GSG	-1.05	-0.45	1.52	-1.33	-0.99	-0.09	1.31
GDX	-0.84	-0.76	-2.59	-1.32	-1.54	-1.80	-1.86
GDXJ	-0.82	-0.61	-2.61	-1.15	-1.48	-1.78	-1.85
SIL	-0.52	-0.37	-2.31	-0.97	-1.16	-1.42	-1.41
SILJ	-0.40	-0.34	-1.98	-0.84	-0.97	-1.25	-1.18
COPX	0.64	0.90	-1.01	0.08	0.09	-0.01	-0.03
URNM	-0.79	-0.16	-1.55	-0.92	-0.82	-0.75	-0.55
XME	0.20	0.73	-0.93	-0.24	0.29	0.26	0.00
HAP	-0.38	-0.34	-0.42	-1.89	-0.87	-0.72	0.16
WOOD	-0.26	-0.18	-1.74	-2.15	-0.37	-0.88	-1.20

International Equity

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
EWA	-0.36	0.75	-0.25	-1.69	-0.73	-0.46	0.17
EWZ	-1.48	-0.51	-0.83	-1.71	-1.68	-1.15	-0.32
FXI	-0.57	-0.27	-2.02	-1.62	-0.92	-0.93	-1.73
EEM	1.28	3.39	0.73	1.15	1.21	2.04	1.93
EZU	0.72	2.10	-0.51	-0.46	0.51	0.74	0.23
INDA	-0.31	1.20	-0.77	-1.36	-0.36	-0.21	-0.99
DXJ	0.67	1.01	0.60	-1.33	0.40	0.34	0.46
EWU	-0.05	0.84	-0.90	-1.55	-0.35	-0.46	-0.38

Commodities / Crypto / USD

Ticker	30D Return Z	60D Return Z	120D Return Z	RS vs SPY 63D Z	50DMA Dev Z	100DMA Dev Z	200DMA Dev Z
DBA	-0.70	-0.12	0.36	-2.06	-0.48	-0.03	0.30
DBB	0.45	1.39	-0.20	-0.52	0.26	0.63	0.71
BTC-USD	-0.31	0.53	-0.82	-0.44	-0.47	0.03	-0.62
DBC	-0.92	-0.24	1.27	-1.43	-0.96	0.01	1.36
USO	-0.76	-0.02	2.18	-0.37	-0.66	0.23	1.57
GLD	-1.18	-1.03	-3.74	-1.73	-1.79	-2.25	-2.46
SLV	-0.24	-0.20	-2.12	-0.66	-0.84	-0.95	-0.93
URA	-0.82	0.02	-1.27	-0.76	-0.84	-0.59	-0.51
PLTM	-0.41	-0.28	-2.13	-1.00	-0.94	-1.05	-1.14
PALL	-0.69	-0.25	-2.24	-1.08	-1.04	-1.25	-1.45
CPER	0.63	1.20	-0.19	-0.11	0.25	0.57	0.54
UUP	0.35	-0.27	0.83	-2.55	0.53	0.23	0.32

5 Day Move Versus 3 Year Normal

Sorted from largest positive 5-day z-score to most negative.

COAL2.26z8.0%

JETS1.98z7.2%

UFO1.68z7.7%

EEM1.58z3.8%

NXTG1.55z3.8%

WOOD1.30z2.8%

XTN1.22z4.2%

PEJ1.22z3.2%

XME1.20z5.0%

PAVE1.18z3.2%

XTL1.14z4.2%

MTUM1.12z3.2%

AIQ1.11z3.6%

CARZ1.06z3.8%

XHB1.04z3.3%

EMB0.99z0.9%

SPHB0.89z3.0%

ITB0.88z2.9%

SOCL0.86z2.6%

PINK0.80z1.9%

TIP0.80z0.5%

XLB0.78z1.8%

ITA0.74z2.3%

XLY0.73z2.0%

URNM0.69z3.9%

IWM0.64z1.8%

SMH0.63z3.3%

CWB0.62z1.2%

COPX0.62z3.3%

XLK0.61z2.2%

XLI0.61z1.5%

XBI0.60z2.1%

LQD0.57z0.5%

IEF0.57z0.5%

EZU0.56z1.4%

QQQ0.53z1.7%

PALL0.52z2.7%

AGG0.52z0.4%

STIP0.49z0.2%

TLT0.47z0.7%

EMLC0.45z0.5%

ROBO0.43z1.6%

PFF0.42z0.5%

QTUM0.39z2.0%

URA0.38z2.5%

MBB0.37z0.3%

SHY0.36z0.1%

ARKK0.34z2.0%

HYG0.33z0.3%

MAGS0.31z1.4%

XMAG0.28z0.7%

IWD0.28z0.7%

PSP0.25z0.7%

NUKZ0.23z1.5%

XLC0.21z0.7%

INDA0.21z0.3%

GRID0.21z0.9%

OEF0.21z0.7%

SPY0.19z0.6%

IBB0.18z0.6%

DXJ0.18z0.8%

BKLN0.18z0.1%

EWA0.15z0.5%

RSP0.15z0.4%

SILJ0.11z1.5%

IWF0.11z0.6%

PNQI0.11z0.4%

QUAL0.10z0.4%

VO0.09z0.4%

IHE0.06z0.4%

EWU0.02z0.3%

SPXT0.01z0.2%

GDXJ0.00z0.8%

HERO-0.00z0.2%

KRE-0.01z0.3%

XLRE-0.02z0.2%

SIL-0.03z0.7%

XLG-0.03z0.3%

GDX-0.05z0.5%

UUP-0.13z-0.1%

PLTM-0.16z-0.2%

IHF-0.19z-0.4%

FXI-0.27z-0.6%

XLP-0.27z-0.3%

DBA-0.28z-0.3%

EWZ-0.34z-0.7%

IGV-0.36z-1.0%

BJK-0.36z-0.9%

XLU-0.40z-0.5%

CPER-0.40z-1.1%

SLV-0.40z-1.3%

DBB-0.44z-0.7%

IYG-0.45z-0.8%

XLV-0.47z-0.7%

SPHD-0.47z-0.5%

HAP-0.50z-0.7%

XLF-0.59z-1.0%

BTC-USD-0.63z-2.9%

IAI-0.64z-1.3%

SPLV-0.64z-0.7%

GLD-0.72z-1.3%

CLOU-0.86z-2.7%

CRAK-1.00z-2.1%

OIH-1.14z-4.2%

IAK-1.19z-2.2%

XES-1.23z-4.7%

XOP-1.47z-5.0%

IHI-1.47z-2.8%

BUG-1.48z-4.5%

XLE-1.62z-4.2%

USO-1.65z-7.0%

FCG-1.73z-5.7%

GSG-1.78z-4.0%

DBC-1.82z-3.4%

Macro Beta Stability

Compares current 60-day beta to 1-year beta. Large positive shifts mean sensitivity is rising; large negative shifts mean sensitivity is fading or flipping lower.

USD Beta Becoming More Positive

Ticker	USD Beta 60D	USD Beta 1Y	USD Beta Shift
USO	7.80	2.80	5.00
GSG	3.66	1.08	2.58
FCG	3.20	0.89	2.31
XOP	3.44	1.17	2.27
XLE	2.26	0.50	1.76
DBC	1.99	0.45	1.54
COAL	0.46	-0.46	0.91
BUG	0.57	-0.20	0.77
CRAK	0.68	-0.06	0.73
IGV	0.07	-0.43	0.50
XES	0.16	-0.33	0.49
OIH	-0.20	-0.57	0.37
DBA	0.16	0.02	0.14
XLP	-0.32	-0.37	0.05
CLOU	-0.19	-0.24	0.05

USD Beta Becoming More Negative

Ticker	USD Beta 60D	USD Beta 1Y	USD Beta Shift
URA	-7.33	-2.56	-4.76
URNM	-6.68	-2.47	-4.20
NUKZ	-4.81	-1.59	-3.23
SMH	-4.45	-1.31	-3.14
ITA	-3.98	-0.96	-3.02
COPX	-6.56	-3.60	-2.96
ARKK	-4.51	-1.59	-2.92
JETS	-4.45	-1.54	-2.91
GDXJ	-6.99	-4.21	-2.78
SILJ	-7.19	-4.42	-2.77
GDX	-6.49	-3.77	-2.72
CARZ	-4.14	-1.45	-2.70
ROBO	-4.23	-1.55	-2.68
QTUM	-3.89	-1.26	-2.63
SIL	-6.78	-4.19	-2.59

Oil Beta Becoming More Positive

Ticker	Oil Beta 60D	Oil Beta 1Y	Oil Beta Shift
IHF	0.02	-0.05	0.07
BUG	0.05	-0.01	0.06
CLOU	-0.01	-0.04	0.03
BTC-USD	-0.05	-0.08	0.03
XLE	0.29	0.26	0.03
FCG	0.39	0.36	0.03
IAK	0.01	-0.01	0.02
XOP	0.42	0.40	0.02
XLF	-0.05	-0.06	0.02
IGV	-0.01	-0.02	0.01
UUP	0.05	0.04	0.01
XLV	-0.08	-0.10	0.01
TLT	-0.06	-0.07	0.01
XES	0.18	0.17	0.01
IYG	-0.06	-0.07	0.01

Oil Beta Becoming More Negative

Ticker	Oil Beta 60D	Oil Beta 1Y	Oil Beta Shift
SLV	-0.43	-0.18	-0.25
GDXJ	-0.47	-0.26	-0.21
SIL	-0.46	-0.26	-0.20
GDX	-0.43	-0.24	-0.20
SILJ	-0.46	-0.26	-0.20
GLD	-0.21	-0.04	-0.17
URA	-0.42	-0.25	-0.17
COPX	-0.46	-0.29	-0.17
ITA	-0.26	-0.11	-0.15
URNM	-0.32	-0.18	-0.13
XME	-0.28	-0.16	-0.13
JETS	-0.50	-0.37	-0.13
NUKZ	-0.33	-0.20	-0.12
PLTM	-0.25	-0.14	-0.11
ARKK	-0.29	-0.19	-0.10

Rates Beta Becoming More Positive

Ticker	Rates Beta 60D	Rates Beta 1Y	Rates Beta Shift
USO	51.86	34.51	17.35
FCG	32.04	18.17	13.87
XOP	34.34	20.55	13.79
XLE	24.58	13.03	11.56
GSG	25.95	17.65	8.30
DBC	18.92	13.09	5.84
XES	14.31	9.04	5.27
IHF	0.16	-4.42	4.58
OIH	11.03	6.66	4.38
XLP	-2.49	-4.93	2.44
CRAK	8.26	6.10	2.16
DBA	3.97	2.31	1.67
XLV	-6.12	-7.78	1.66
TLT	-11.62	-12.73	1.11
XLU	-5.87	-6.96	1.09

Rates Beta Becoming More Negative

Ticker	Rates Beta 60D	Rates Beta 1Y	Rates Beta Shift
GDXJ	-45.70	-19.94	-25.76
SIL	-44.24	-18.50	-25.74
SILJ	-44.62	-19.53	-25.10
GDX	-42.55	-18.13	-24.42
URA	-34.75	-10.60	-24.15
COPX	-41.09	-20.15	-20.94
SLV	-37.45	-16.70	-20.76
JETS	-37.78	-17.57	-20.21
SMH	-27.82	-8.54	-19.28
PLTM	-30.15	-11.03	-19.12
PALL	-32.31	-14.01	-18.30
URNM	-27.40	-9.65	-17.75
NUKZ	-27.67	-9.95	-17.72
QTUM	-23.91	-6.95	-16.96
CARZ	-26.50	-9.63	-16.87

Macro Sensitivity: 30 / 60 Days

Betas and correlations to USD, oil, and rising-rate proxy returns over the 30D and 60D windows.

30D Factor Sensitivity

Oil Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when oil rises over this window.

Ticker	Oil Beta	Oil Corr
XOP	0.53	0.85
FCG	0.50	0.86
GSG	0.50	0.97
XLE	0.40	0.81
DBC	0.38	0.92

Oil Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when oil falls, or lag when it rises.

Ticker	Oil Beta	Oil Corr
JETS	-0.60	-0.84
SIL	-0.56	-0.54
SILJ	-0.55	-0.51
URA	-0.54	-0.57
GDXJ	-0.52	-0.55

Rates Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when rates rises over this window.

Ticker	Rates Beta	Rates Corr
USO	56.09	0.83
XOP	30.49	0.71
FCG	29.59	0.75
GSG	26.85	0.77
XLE	23.97	0.70

Rates Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when rates falls, or lag when it rises.

Ticker	Rates Beta	Rates Corr
SILJ	-46.06	-0.62
GDXJ	-44.28	-0.69
SIL	-44.18	-0.63
COPX	-43.20	-0.70
GDX	-41.93	-0.69

USD Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when usd rises over this window.

Ticker	USD Beta	USD Corr
USO	6.34	0.59
XOP	3.22	0.48
FCG	3.02	0.48
GSG	2.56	0.47
XLE	1.92	0.36

USD Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when usd falls, or lag when it rises.

Ticker	USD Beta	USD Corr
URA	-7.93	-0.78
SILJ	-7.92	-0.68
SIL	-7.62	-0.69
GDXJ	-7.15	-0.71
URNM	-7.12	-0.72

60D Factor Sensitivity

Oil Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when oil rises over this window.

Ticker	Oil Beta	Oil Corr
GSG	0.50	0.97
XOP	0.42	0.77
FCG	0.39	0.79
DBC	0.31	0.92
XLE	0.29	0.72

Oil Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when oil falls, or lag when it rises.

Ticker	Oil Beta	Oil Corr
JETS	-0.50	-0.81
GDXJ	-0.47	-0.59
SIL	-0.46	-0.56
COPX	-0.46	-0.59
SILJ	-0.46	-0.52

Rates Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when rates rises over this window.

Ticker	Rates Beta	Rates Corr
USO	51.86	0.56
XOP	34.34	0.69
FCG	32.04	0.71
GSG	25.95	0.55
XLE	24.58	0.65

Rates Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when rates falls, or lag when it rises.

Ticker	Rates Beta	Rates Corr
GDXJ	-45.70	-0.62
SILJ	-44.62	-0.56
SIL	-44.24	-0.59
GDX	-42.55	-0.62
COPX	-41.09	-0.58

USD Up Sensitivity

Highest positive beta: these ETFs have historically tended to rise the most when usd rises over this window.

Ticker	USD Beta	USD Corr
USO	7.80	0.64
GSG	3.66	0.59
XOP	3.44	0.52
FCG	3.20	0.54
XLE	2.26	0.46

USD Down Sensitivity

Most negative beta: these ETFs have historically tended to benefit when usd falls, or lag when it rises.

Ticker	USD Beta	USD Corr
URA	-7.33	-0.73
SILJ	-7.19	-0.69
GDXJ	-6.99	-0.72
SIL	-6.78	-0.69
URNM	-6.68	-0.69

Volatility And Risk Context

Cleaner risk lens using realized volatility, vol percentile versus 3-year history, return/vol ratios, downside volatility, and negative-day rate.

Highest Volatility Percentile

Ticker	Vol 20D	Vol 60D	Vol 60D Percentile	Ret/Vol 20D	Ret/Vol 60D	Downside Vol 60D	Negative Day Rate 20D
BUG	28.6%	33.4%	97%	22.5%	108.7%	n/a	25%
GSG	20.7%	28.0%	93%	-13.1%	-1.4%	25.2%	35%
USO	39.1%	54.6%	93%	-4.9%	10.1%	40.3%	30%
IHI	20.5%	19.0%	92%	1.6%	-39.6%	15.0%	30%
UFO	34.2%	37.5%	92%	65.2%	135.9%	n/a	15%
JETS	36.2%	33.8%	91%	16.1%	60.7%	15.6%	30%
FCG	23.7%	27.0%	91%	-4.5%	-46.8%	n/a	20%
XLE	21.8%	22.4%	91%	10.6%	-39.8%	n/a	20%
NXTG	22.2%	21.7%	91%	33.4%	192.2%	n/a	25%
XOP	23.7%	29.8%	90%	-4.6%	-44.3%	n/a	25%
CRAK	13.4%	18.8%	90%	-32.2%	-13.9%	15.8%	40%
CARZ	28.6%	29.1%	89%	14.8%	173.3%	n/a	30%
DBC	18.0%	18.7%	89%	-14.8%	7.2%	n/a	35%
XTN	22.2%	31.2%	89%	27.9%	71.4%	n/a	25%
CLOU	19.8%	31.8%	89%	-15.2%	57.9%	n/a	35%
XHB	25.1%	28.0%	88%	3.1%	25.2%	17.8%	25%
ITA	17.7%	22.9%	88%	17.6%	29.2%	16.4%	25%
GRID	22.0%	22.8%	87%	-7.0%	95.2%	n/a	25%

Lowest Volatility Percentile

Ticker	Vol 20D	Vol 60D	Vol 60D Percentile	Ret/Vol 20D	Ret/Vol 60D	Downside Vol 60D	Negative Day Rate 20D
KRE	16.0%	16.6%	7%	-2.4%	59.0%	n/a	30%
BTC-USD	22.2%	26.9%	13%	-32.3%	47.7%	13.2%	55%
TLT	8.4%	7.5%	16%	-10.7%	5.0%	5.5%	30%
IAK	11.4%	11.7%	19%	6.8%	38.6%	n/a	30%
XES	23.4%	22.4%	19%	1.1%	16.1%	n/a	30%
UUP	3.2%	4.5%	19%	47.0%	-7.2%	4.0%	15%
FXI	18.0%	16.0%	20%	-28.7%	8.4%	12.4%	40%
OIH	21.9%	21.6%	20%	5.1%	10.4%	n/a	30%
TIP	2.6%	2.8%	21%	-18.0%	58.5%	n/a	30%
SPHD	8.0%	8.6%	24%	20.6%	36.1%	n/a	20%
IEF	4.7%	4.2%	24%	-14.4%	8.7%	2.9%	30%
AGG	3.9%	3.5%	28%	-9.7%	26.9%	n/a	30%
IYG	9.9%	11.5%	29%	1.7%	73.2%	n/a	30%
LQD	4.8%	4.7%	32%	-5.2%	43.1%	n/a	30%
MAGS	12.8%	17.8%	33%	8.0%	150.9%	n/a	30%
XLRE	9.4%	11.6%	34%	5.2%	99.9%	n/a	20%
MBB	4.8%	4.1%	34%	-11.7%	24.1%	n/a	30%
XLF	10.0%	11.2%	35%	3.5%	67.2%	n/a	30%

Best 60D Return / Vol

Ticker	Vol 20D	Vol 60D	Vol 60D Percentile	Ret/Vol 20D	Ret/Vol 60D	Downside Vol 60D	Negative Day Rate 20D
XLK	18.1%	20.4%	68%	28.1%	206.1%	n/a	25%
QQQ	12.1%	15.1%	58%	21.2%	196.9%	n/a	25%
NXTG	22.2%	21.7%	91%	33.4%	192.2%	n/a	25%
SMH	30.4%	32.3%	77%	16.8%	183.1%	n/a	25%
QTUM	29.0%	27.1%	78%	27.6%	180.9%	n/a	25%
AIQ	22.8%	24.0%	87%	19.7%	179.5%	n/a	25%
OEF	7.8%	11.7%	56%	22.7%	178.8%	n/a	20%
XLG	8.0%	11.7%	40%	16.4%	174.7%	n/a	25%
CARZ	28.6%	29.1%	89%	14.8%	173.3%	n/a	30%
SPY	7.7%	10.9%	57%	22.7%	169.0%	n/a	25%
IWF	9.1%	13.7%	46%	19.2%	158.9%	n/a	25%
MTUM	21.0%	21.6%	82%	18.2%	152.7%	n/a	25%
MAGS	12.8%	17.8%	33%	8.0%	150.9%	n/a	30%
IHF	14.3%	15.6%	47%	6.6%	146.8%	n/a	30%
SPHB	21.1%	20.9%	66%	15.5%	138.4%	n/a	25%
UFO	34.2%	37.5%	92%	65.2%	135.9%	n/a	15%
QUAL	7.6%	11.0%	65%	30.2%	135.7%	n/a	20%
CWB	15.0%	14.5%	85%	14.2%	132.9%	n/a	20%

Worst 60D Return / Vol

Ticker	Vol 20D	Vol 60D	Vol 60D Percentile	Ret/Vol 20D	Ret/Vol 60D	Downside Vol 60D	Negative Day Rate 20D
FCG	23.7%	27.0%	91%	-4.5%	-46.8%	n/a	20%
XOP	23.7%	29.8%	90%	-4.6%	-44.3%	n/a	25%
XLE	21.8%	22.4%	91%	10.6%	-39.8%	n/a	20%
IHI	20.5%	19.0%	92%	1.6%	-39.6%	15.0%	30%
COAL	26.4%	22.9%	54%	22.5%	-27.9%	12.8%	30%
CRAK	13.4%	18.8%	90%	-32.2%	-13.9%	15.8%	40%
WOOD	16.8%	17.1%	78%	-11.9%	-10.9%	11.2%	35%
GLD	12.6%	18.3%	67%	-46.3%	-8.2%	12.5%	40%
XLU	11.9%	13.3%	66%	7.9%	-7.4%	n/a	20%
UUP	3.2%	4.5%	19%	47.0%	-7.2%	4.0%	15%
EWZ	22.6%	21.9%	71%	-34.0%	-6.5%	16.1%	35%
GSG	20.7%	28.0%	93%	-13.1%	-1.4%	25.2%	35%
GDX	39.3%	40.9%	81%	-24.6%	-1.0%	29.3%	45%
PALL	27.8%	34.4%	65%	-23.4%	1.2%	23.2%	30%
URNM	36.2%	43.9%	79%	-19.1%	2.7%	20.6%	35%
GDXJ	41.1%	44.0%	79%	-25.7%	4.1%	31.7%	40%
TLT	8.4%	7.5%	16%	-10.7%	5.0%	5.5%	30%
DBC	18.0%	18.7%	89%	-14.8%	7.2%	n/a	35%

Highest Downside Volatility

Ticker	Vol 20D	Vol 60D	Vol 60D Percentile	Ret/Vol 20D	Ret/Vol 60D	Downside Vol 60D	Negative Day Rate 20D
USO	39.1%	54.6%	93%	-4.9%	10.1%	40.3%	30%
SILJ	50.7%	47.4%	80%	-15.4%	10.8%	34.1%	35%
GDXJ	41.1%	44.0%	79%	-25.7%	4.1%	31.7%	40%
SIL	44.2%	44.4%	83%	-19.7%	12.2%	31.1%	40%
GDX	39.3%	40.9%	81%	-24.6%	-1.0%	29.3%	45%
COPX	41.4%	42.1%	80%	0.3%	48.1%	28.8%	25%
GSG	20.7%	28.0%	93%	-13.1%	-1.4%	25.2%	35%
PALL	27.8%	34.4%	65%	-23.4%	1.2%	23.2%	30%
URA	37.1%	45.2%	85%	-24.5%	16.7%	21.2%	35%
URNM	36.2%	43.9%	79%	-19.1%	2.7%	20.6%	35%
PLTM	29.2%	32.8%	72%	-22.6%	8.5%	19.7%	30%
NUKZ	27.4%	29.7%	77%	-6.8%	36.1%	18.4%	35%
XHB	25.1%	28.0%	88%	3.1%	25.2%	17.8%	25%
CPER	26.2%	23.2%	57%	2.1%	64.9%	16.9%	25%
ITA	17.7%	22.9%	88%	17.6%	29.2%	16.4%	25%
EWZ	22.6%	21.9%	71%	-34.0%	-6.5%	16.1%	35%
CRAK	13.4%	18.8%	90%	-32.2%	-13.9%	15.8%	40%
JETS	36.2%	33.8%	91%	16.1%	60.7%	15.6%	30%

Volatility By Sleeve

Ticker	Vol Percentile	Technical Score	Inflection Score
Metals / Miners	78%	-0.80	0.15
Thematic Growth / Tech	77%	1.11	0.02
Industries / Infrastructure / Housing	73%	0.05	0.08
International Equity	68%	-0.40	0.06
US Sector	64%	-0.34	-0.07
Commodities / Crypto / USD	61%	-0.67	-0.17
US Factor / Size	57%	0.67	0.03
Financial / Health Care Industries	56%	-0.53	-0.20
Mega Cap / Equal Weight	49%	0.31	-0.05
Rates / Credit	47%	-0.88	0.18

S&P 500 Shock Transmission Map

SPY one-, two-, and three-standard-deviation realized-volatility shocks translated through current ETF beta to estimate likely directional impact.

Implied ETF moves are estimated as current 60D beta to SPY multiplied by SPY realized-volatility shocks. This is a directional transmission map, not a forecast.

SPY 1W Realized Shock

1σ move+/- 1.1%
2σ move+/- 2.2%
3σ move+/- 3.2%

SPY 1M Realized Shock

1σ move+/- 3.1%
2σ move+/- 6.3%
3σ move+/- 9.4%

Sleeves Most Helped By SPY Up Shock

Ticker	Avg SPY Beta 60D	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
Metals / Miners	2.01	6.3%	-6.3%	12.6%	-12.6%
Thematic Growth / Tech	1.44	4.5%	-4.5%	9.0%	-9.0%
International Equity	1.26	4.0%	-4.0%	7.9%	-7.9%
US Factor / Size	1.02	3.2%	-3.2%	6.4%	-6.4%
Mega Cap / Equal Weight	0.97	3.0%	-3.0%	6.1%	-6.1%
Financial / Health Care Industries	0.89	2.8%	-2.8%	5.6%	-5.6%
Industries / Infrastructure / Housing	0.87	2.7%	-2.7%	5.5%	-5.5%
Commodities / Crypto / USD	0.81	2.5%	-2.5%	5.1%	-5.1%
US Sector	0.61	1.9%	-1.9%	3.8%	-3.8%
Rates / Credit	0.31	1.0%	-1.0%	2.0%	-2.0%

Sleeves Most Helped By SPY Down Shock

Ticker	Avg SPY Beta 60D	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
Rates / Credit	0.31	1.0%	-1.0%	2.0%	-2.0%
US Sector	0.61	1.9%	-1.9%	3.8%	-3.8%
Commodities / Crypto / USD	0.81	2.5%	-2.5%	5.1%	-5.1%
Industries / Infrastructure / Housing	0.87	2.7%	-2.7%	5.5%	-5.5%
Financial / Health Care Industries	0.89	2.8%	-2.8%	5.6%	-5.6%
Mega Cap / Equal Weight	0.97	3.0%	-3.0%	6.1%	-6.1%
US Factor / Size	1.02	3.2%	-3.2%	6.4%	-6.4%
International Equity	1.26	4.0%	-4.0%	7.9%	-7.9%
Thematic Growth / Tech	1.44	4.5%	-4.5%	9.0%	-9.0%
Metals / Miners	2.01	6.3%	-6.3%	12.6%	-12.6%

Highest SPY Upside Transmission

Ticker	SPY Beta 60D	SPY Beta 1Y	Beta Shift	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
SILJ	3.20	2.30	0.90	10.0%	-10.0%	20.0%	-20.0%
COPX	3.14	2.30	0.84	9.8%	-9.8%	19.7%	-19.7%
URA	3.11	2.35	0.75	9.7%	-9.7%	19.5%	-19.5%
GDXJ	3.08	2.01	1.07	9.6%	-9.6%	19.3%	-19.3%
SIL	3.03	2.03	1.00	9.5%	-9.5%	19.0%	-19.0%
GDX	2.75	1.74	1.01	8.6%	-8.6%	17.3%	-17.3%
URNM	2.69	1.99	0.70	8.4%	-8.4%	16.9%	-16.9%
SLV	2.67	1.75	0.92	8.4%	-8.4%	16.7%	-16.7%
SMH	2.44	2.19	0.25	7.7%	-7.7%	15.3%	-15.3%
CARZ	2.27	1.90	0.37	7.1%	-7.1%	14.2%	-14.2%
PALL	2.17	1.45	0.71	6.8%	-6.8%	13.6%	-13.6%
NUKZ	2.14	1.76	0.38	6.7%	-6.7%	13.4%	-13.4%
JETS	2.14	1.63	0.52	6.7%	-6.7%	13.4%	-13.4%
QTUM	2.13	1.95	0.18	6.7%	-6.7%	13.4%	-13.4%
ARKK	2.10	2.28	-0.18	6.6%	-6.6%	13.1%	-13.1%
PLTM	2.04	1.49	0.55	6.4%	-6.4%	12.8%	-12.8%
ROBO	2.03	1.68	0.35	6.4%	-6.4%	12.7%	-12.7%
XME	2.01	1.71	0.30	6.3%	-6.3%	12.6%	-12.6%
UFO	1.90	1.94	-0.03	6.0%	-6.0%	11.9%	-11.9%
EEM	1.89	1.38	0.51	5.9%	-5.9%	11.9%	-11.9%

Most Defensive / Inverse Transmission

Ticker	SPY Beta 60D	SPY Beta 1Y	Beta Shift	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
USO	-3.08	-1.29	-1.79	-9.7%	9.7%	-19.3%	19.3%
XOP	-1.65	-0.23	-1.42	-5.2%	5.2%	-10.4%	10.4%
GSG	-1.51	-0.54	-0.97	-4.7%	4.7%	-9.5%	9.5%
FCG	-1.51	-0.21	-1.30	-4.7%	4.7%	-9.5%	9.5%
XLE	-1.12	-0.20	-0.92	-3.5%	3.5%	-7.0%	7.0%
DBC	-0.90	-0.26	-0.64	-2.8%	2.8%	-5.6%	5.6%
COAL	-0.43	0.34	-0.78	-1.4%	1.4%	-2.7%	2.7%
CRAK	-0.30	0.22	-0.52	-0.9%	0.9%	-1.9%	1.9%
UUP	-0.30	-0.12	-0.18	-0.9%	0.9%	-1.9%	1.9%
DBA	-0.12	0.02	-0.14	-0.4%	0.4%	-0.7%	0.7%
XES	-0.09	0.83	-0.92	-0.3%	0.3%	-0.6%	0.6%
STIP	0.01	-0.00	0.01	0.0%	-0.0%	0.1%	-0.1%
OIH	0.03	0.77	-0.74	0.1%	-0.1%	0.2%	-0.2%
SHY	0.07	0.02	0.05	0.2%	-0.2%	0.4%	-0.4%
TIP	0.08	0.05	0.03	0.3%	-0.3%	0.5%	-0.5%
BKLN	0.14	0.15	-0.00	0.4%	-0.4%	0.9%	-0.9%
SPLV	0.15	0.12	0.02	0.5%	-0.5%	0.9%	-0.9%
XLU	0.17	0.25	-0.08	0.5%	-0.5%	1.1%	-1.1%
SPHD	0.17	0.21	-0.03	0.5%	-0.5%	1.1%	-1.1%
IAK	0.20	0.15	0.05	0.6%	-0.6%	1.2%	-1.2%

Largest Absolute 1M Shock Impact

Ticker	SPY Beta 60D	SPY Beta 1Y	Beta Shift	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
SILJ	3.20	2.30	0.90	10.0%	-10.0%	20.0%	-20.0%
COPX	3.14	2.30	0.84	9.8%	-9.8%	19.7%	-19.7%
URA	3.11	2.35	0.75	9.7%	-9.7%	19.5%	-19.5%
USO	-3.08	-1.29	-1.79	-9.7%	9.7%	-19.3%	19.3%
GDXJ	3.08	2.01	1.07	9.6%	-9.6%	19.3%	-19.3%
SIL	3.03	2.03	1.00	9.5%	-9.5%	19.0%	-19.0%
GDX	2.75	1.74	1.01	8.6%	-8.6%	17.3%	-17.3%
URNM	2.69	1.99	0.70	8.4%	-8.4%	16.9%	-16.9%
SLV	2.67	1.75	0.92	8.4%	-8.4%	16.7%	-16.7%
SMH	2.44	2.19	0.25	7.7%	-7.7%	15.3%	-15.3%
CARZ	2.27	1.90	0.37	7.1%	-7.1%	14.2%	-14.2%
PALL	2.17	1.45	0.71	6.8%	-6.8%	13.6%	-13.6%
NUKZ	2.14	1.76	0.38	6.7%	-6.7%	13.4%	-13.4%
JETS	2.14	1.63	0.52	6.7%	-6.7%	13.4%	-13.4%
QTUM	2.13	1.95	0.18	6.7%	-6.7%	13.4%	-13.4%
ARKK	2.10	2.28	-0.18	6.6%	-6.6%	13.1%	-13.1%
PLTM	2.04	1.49	0.55	6.4%	-6.4%	12.8%	-12.8%
ROBO	2.03	1.68	0.35	6.4%	-6.4%	12.7%	-12.7%
XME	2.01	1.71	0.30	6.3%	-6.3%	12.6%	-12.6%
UFO	1.90	1.94	-0.03	6.0%	-6.0%	11.9%	-11.9%

Largest Positive Beta Shifts

Ticker	SPY Beta 60D	SPY Beta 1Y	Beta Shift	1M +1σ SPY	1M -1σ SPY	1M +2σ SPY	1M -2σ SPY
GDXJ	3.08	2.01	1.07	9.6%	-9.6%	19.3%	-19.3%
GDX	2.75	1.74	1.01	8.6%	-8.6%	17.3%	-17.3%
SIL	3.03	2.03	1.00	9.5%	-9.5%	19.0%	-19.0%
SLV	2.67	1.75	0.92	8.4%	-8.4%	16.7%	-16.7%
SILJ	3.20	2.30	0.90	10.0%	-10.0%	20.0%	-20.0%
COPX	3.14	2.30	0.84	9.8%	-9.8%	19.7%	-19.7%
URA	3.11	2.35	0.75	9.7%	-9.7%	19.5%	-19.5%
PALL	2.17	1.45	0.71	6.8%	-6.8%	13.6%	-13.6%
URNM	2.69	1.99	0.70	8.4%	-8.4%	16.9%	-16.9%
XHB	1.80	1.12	0.68	5.6%	-5.6%	11.3%	-11.3%
ITB	1.58	0.99	0.59	5.0%	-5.0%	9.9%	-9.9%
XBI	1.79	1.20	0.59	5.6%	-5.6%	11.2%	-11.2%
GLD	1.24	0.65	0.59	3.9%	-3.9%	7.8%	-7.8%
PLTM	2.04	1.49	0.55	6.4%	-6.4%	12.8%	-12.8%
INDA	1.23	0.71	0.53	3.9%	-3.9%	7.7%	-7.7%
JETS	2.14	1.63	0.52	6.7%	-6.7%	13.4%	-13.4%
EEM	1.89	1.38	0.51	5.9%	-5.9%	11.9%	-11.9%
EZU	1.58	1.09	0.50	5.0%	-5.0%	9.9%	-9.9%
GRID	1.79	1.33	0.46	5.6%	-5.6%	11.2%	-11.2%
PEJ	1.43	1.04	0.39	4.5%	-4.5%	9.0%	-9.0%

ETF Macro Technical Chartdeck

Executive Summary

Plain-English Read-Through

USD Shock Read-Through

Oil Shock Read-Through

Rates Shock Read-Through

Breadth Snapshot

1M Leadership

1M Laggards

Return Z-Score Extremes

Extended

Washed Out

Moving Average Extremes

Above Own Norm

Below Own Norm

Relative Strength Extremes

Improving vs SPY

Deteriorating vs SPY

Signal Changes

PPO Buy Signals

PPO Sell Signals

Inflection Leaders

Improving Fastest

Deteriorating Fastest

Macro Sensitivity

Most Oil-Sensitive 30D

Most Rate-Sensitive 30D

Most USD-Sensitive 30D

Macro Beta Stability

Oil Beta Shift

Rates Beta Shift

USD Beta Shift

Volatility / Risk

Highest Vol Regime

Best 60D Return / Vol

Worst 60D Return / Vol

SPY Shock Map

SPY Up Shock: Biggest ETF Impact

SPY Down Shock: Biggest ETF Impact

Most Equity-Sensitive Sleeves

Regime Context

Equity Trend Regime

USD Regime

Oil Regime

Rates Regime

Universe Breadth Regime

Signal Change And Inflection

Fastest Technical Improvement

Fastest Technical Deterioration

Relative Strength Inflections

Breadth Momentum

Performance Leaders And Laggards

Top 20 1M Performers

Worst 20 1M Performers

Universe Drilldown By Sleeve

Mega Cap / Equal Weight

US Factor / Size

US Sector

Industries / Infrastructure / Housing

Thematic Growth / Tech

Financial / Health Care Industries

Rates / Credit

Metals / Miners

International Equity

Commodities / Crypto / USD

Relative / Absolute Strength By Sleeve

Mega Cap / Equal Weight

US Factor / Size

US Sector

Industries / Infrastructure / Housing

Thematic Growth / Tech

Financial / Health Care Industries

Rates / Credit

Metals / Miners

International Equity

Commodities / Crypto / USD

Improving Leadership

Deteriorating Laggards

Extreme Low / Washed Out

Extreme Extended