Warning: multiple signals are flashing

Multiple independent risk signals are elevated at the same time. Driver: Red - SMH and DRAM below 50DMA for 3+ sessions.

SMH is 5.07% below 50DMA for 9 sessions. Resumes a 24-session break after a 2-session reclaim peaking +1.10% vs 50DMA — counted as 33 sessions below. Days below: 33. DRAM is 5.02% below 50DMA for 9 sessions. Resumes a 24-session break after a 2-session reclaim peaking +0.56% vs 50DMA — counted as 33 sessions below. Days below: 33. QQQ closed 0.62% above 50DMA, but the reclaim is unconfirmed — 2 of 3 sessions above, peak +1.26% (needs one close ≥1% above) — after a 4-session break. Days below: 4.

HY OAS 2.63%; -12 bps over 5d, -21 bps over 20d. HYG is weakening but still above 50DMA. VIX below 20.

RSP/SPY 10d ratio change -0.03%; ratio holding near 20DMA. IWM/SPY breadth deteriorated sharply. 10Y +4 bps/10d; 30Y -2 bps/10d.

Questioned across 5 companies; worst META. Hyperscalers 20D +5.22%, semis/memory 20D +6.71%. Mixed performance; wait for a clearer divergence before drawing a conclusion.