Weekly Review: Price Holds, Participation SlipsE-mini S&P 500 FuturesCME_MINI_DL:ES1!TradeSentinelAppTLDR; The market is still healthy, but less healthy than it was a few weeks ago. Volatility is calm and the long-term structure remains intact, yet short-term participation has weakened—particularly in the NASDAQ. Momentum traders should remain constructive while becoming increasingly selective, giving greater weight to stocks and sectors that continue to show expanding participation and leadership rather than assuming the entire market is advancing together. 1️⃣ What is it today? The market remains in an Acceptance regime. Price continues to hold above key moving averages and volatility remains well contained. However, internal participation—especially within the NASDAQ—has weakened noticeably. 2️⃣ Thesis The trend is still intact, but it is becoming increasingly selective. Fewer stocks are carrying the market higher, meaning the quality of the advance has softened even though price has not yet broken down. 3️⃣ What validates the thesis? VIX/VIX3M remains below 1.0, indicating a stable volatility environment. Long-term participation (% above SMA200) remains healthy. Price continues to hold above intermediate and long-term trend references. Net new highs remain positive despite some moderation. 4️⃣ What invalidates the thesis? The constructive view would weaken if: VIX/VIX3M moves above 1.0, % above SMA20 continues to deteriorate across both exchanges, Leadership contracts further, Price loses key intermediate moving averages while breadth continues to weaken.