Markets look calm on the surface — EM up 5%, the Nasdaq up nearly 5% — but under the hood participation is quietly deteriorating, with just 28% of S&P 500 stocks above their 50-day moving average. Ian Saunders and Miles break down the "yellow light" setup, what to do BEFORE your cash triggers fire, why small caps keep losing the relative strength battle, and the big sector rotation that knocked Industrials out of the top four for the first time in three years. Plus: tech and com services surge, Caterpillar sheds 25% from its highs, and Meta's 27% September moonshot. Images were taken from the Nasdaq Dorsey Wright Research Platform (linked below).  

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