Market Pulse · September 28, 2026 · Post-Market Edition

MACRO ENVIRONMENT

The macro environment has shifted decisively to a RISK-ON stance, with a score of 30, bolstered by a stable Fed Funds rate and healthy unemployment figures. While the Sahm Rule remains ‘Safe’ and the yield curves are normally sloped, suggesting a lack of recessionary fears, elevated CPI warrants continued monitoring. The Fear & Greed Index indicates ‘Greed’ but is classified as ‘Balanced’, and the DXY sits at a ‘Neutral’ 101.0, indicating a backdrop supportive of risk assets, though persistent inflation suggests cautious optimism is warranted.

MARKET PHASE

Equity markets are exhibiting mixed signals, with the S&P 500 in a ‘Weak BULL’ phase with its ADX at a low 10.3, though it is currently trading above its 20-day moving average. Conversely, Bitcoin demonstrates a robust ‘Strong BULL’ trend with a high ADX of 44.0 and comfortably above its 20-day moving average, indicating significant momentum in crypto. The VIX remains ‘Low’ at 14.87, down 5.1%, signaling diminished near-term volatility expectations, particularly as the broader market consolidates.

SECTOR TRENDS

Sector rotation is currently favoring an economic expansionary theme, with Technology, Healthcare, and Communication Services at the forefront. This leadership suggests investors are leaning into growth-oriented and innovation-driven sectors, aligning with the broader RISK-ON macro backdrop. Conversely, defensive sectors like Utilities, Real Estate, and Materials are significantly underperforming, experiencing the largest score declines and negative one-month returns, indicating a clear preference for cyclical and secular growth plays over defensive havens.