Semiconductors hold the tape while everything beneath it quietly erodes.
A long-term holder watching only index levels today saw calm; a holder watching breadth saw nine sectors in the red and a market where durable gains are concentrated in a very narrow strip of the tape.
Only three of twelve sectors gained on Monday, with Communication Services and Consumer Discretionary leading the declines, while Financials and Technology eked out fractional gains — breadth was poor despite the tape's calm surface.
Since the last briefing
Friday's briefing concluded that a semiconductor surge was flattering the tape while nine sectors quietly bled, with the committee holding a 60/40 lean toward the bifurcation thesis on NVDA specifically while declining to endorse the broader complex.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.