Weekly Review: Market Intact, But Breadth No Longer ExpandingE-mini S&P 500 FuturesCME_MINI_DL:ES1!TradeSentinelAppTLDR: The evidence still favors staying constructive, but expectations should shift. Rather than anticipating broad-based momentum, the market is increasingly rewarding stock selection and sector rotation. Momentum opportunities are likely to become more selective until breadth begins expanding again. 1️⃣ What is it today? The market remains in an Acceptance regime. Volatility is calm, long-term participation is healthy, and price continues to respect its structural trend. However, the internal engine has shifted from broad expansion to selective leadership. 2️⃣ Thesis The bull market remains technically intact, but momentum is becoming increasingly selective. The next phase is likely to be driven by sector and stock rotation rather than broad index advances. 3️⃣ What validates the thesis? VIX/VIX3M remains at 0.84, confirming a stable volatility regime. Around two-thirds of stocks remain above their 200-day moving averages, preserving strong structural participation. Price continues to hold above key long-term moving averages. No evidence of renewed stress or panic is visible. 4️⃣ What invalidates the thesis? A sustained move in VIX/VIX3M back above 1.0. Continued deterioration in new highs versus new lows. Falling percentages of stocks above their 20-day and 200-day moving averages. Price breaking below key moving averages while internals weaken simultaneously. Positive Volatility remains exceptionally healthy. Structural participation is still strong. Long-term trend remains intact. No evidence of systemic stress. Caution Leadership continues narrowing. New highs have faded materially. Nasdaq internals remain weaker than the S&P. Short-term participation has plateaued.