Breadth recovers broadly, but energy equities refuse the oil bid.
A near-perfect breadth day masks a structural warning: the sector with the strongest fundamental catalyst is the only one declining, which forces every long-term holder to ask whether commodity prices are translating into durable earnings or accounting-inflated noise.
Eleven of twelve sectors closed higher on April 9, led by Consumer Discretionary's 2.59% gain, while Energy fell 0.74% even as Brent crude spiked above $120 on the Iran ceasefire collapse and Strait of Hormuz disruption fears.
Since the last briefing
Yesterday's primary frame — Quality Cyclicals accelerating with caution on energy equities despite the crude bid — was confirmed and sharpened today: energy closed the only red sector at -0.74% even as Brent crossed $120, exactly the disconnect the prior
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.