9. BUT - rotation in safer sectors is also a sign of caution. And here we must watch the VIX - my preferred is the 9D. Last week, ended on first green candle since Nov. Level to watch is 25.

10. Bottom line: The current VPA anomalies reflect deliberate rotation, not imminent collapse. Watch for a high-volume, decisive break of $697 or $673—only then will the next trend emerge. Until then, patience. What do you see in your charts? #VPA #SPY

8. From the merchant (market-maker) perspective: SPY is the warehouse - as per my book.
Control the ceiling: Trap FOMO bulls with slow grinds higher
Manage the floor: Absorb fear at $673 (we can see the high-volume bounces on daily) They’re turning inventory over without burning

7. The RSP/SPY ratio is rising—classic sign the market is broadening beyond mega-caps. This rotation is cushioning SPY, offsetting Mag 7 weakness, and quietly deflating the concentration bubble without panic. No crash. No sharp reversal. So far just controlled transition.