Equities moved more than anything else. RSP vs S&P, 200-day went from -0.01 to 0.01, 3.7 times its normal pace. Leading-sector count went from 3.00 to 8.00. Forward EPS revisions went from 0.06 to -0.02. Momentum factor deepened to -11.5% on the month (from -5.6%). Four of its eight groups moved at once.
5.0× its usual move
Leading-sector count went from 3.00 to 8.00, 5.0 times its normal pace. Sector rotation velocity went from 4.92 to 8.85.
3.9× its usual move
Momentum factor deepened to -11.5% on the month (from -5.6%), 3.9 times its normal pace. Quality factor moved from -0.4% to +0.9%.
3.7× its usual move
RSP vs S&P, 200-day went from -0.01 to 0.01, 3.7 times its normal pace. Equal-weight vs cap-weight S&P went from 0.28 to 0.29.
3.6× its usual move
Forward EPS revisions went from 0.06 to -0.02, its biggest move since July 2025. Forward EPS went from 306 to 300.
2.6× its usual move
S&P drawdown from the 1-year peak went from -0.01 to -0.03, 2.6 times its normal pace. S&P daily return moved from +0.6% to +0.4%.
Descriptive research, not investment advice