Market Signal

The tripwire pass on the September 9 close: the high-beta lanes that ripped Tuesday sold as one (neoclouds 0 of 10 up, space 0 of 11, quantum 0 of 13, drone defense 1 of 21) while memory and cloud led; the VIX gate stepped from CALM to NORMAL at 16.46, a posture change and not a spike. On the target ledger two entry zones were retired on their own invalidation clauses, Alphabet 1.7% below its 200-day and Martin Marietta 1.4% through the floor of its May zone in a downtrend; GE Vernova held its floor with its structural stop intact; ITA and Lockheed entered their zones with the trend still down, a watch and not a buy. Constellation's entry watch invalidated below its 200-day. Sandisk closed strictly above its $1,740 reference on extension rather than a flag, so the price leg is met and the entry is not. Nothing rang four bells; Coherent, Corning, IREN, Marvell and Micron sit at three.