Hi, this is Wayne again : )

-For Your Reference-
I am in 100% C fund (S&P 500)
VIX is: 19.35
Fear & Greed Index: 58

The current market environment is not a simple bullish or bearish transition, but rather a transitional phase shaped by multiple overlapping forces. Capital has not exited risk assets. Instead, it has become increasingly concentrated in core names with strong growth narratives and capital efficiency, while also rotating into defensive sectors and assets backed by tangible value. This dynamic is keeping the major indices supported, even as internal indexes breadth and structure show clear divergence. In this context, pullbacks should no longer be viewed purely as risk, but as structural opportunities—provided one can correctly identify where capital is actually flowing. Meanwhile, the revival of the IPO market and the emergence of new themes such as quantum computing suggest that risk appetite remains relatively elevated.

Overall, in the short term, the indexes will continue to be influenced by interest rates and geopolitical developments.
In the medium term, the key inflection point will be the revaluation of the AI supply chain. Oil prices will serve as the most critical leading indicator, as their impact on interest rates will directly determine whether equity valuations can be sustained or further expanded.

• The Six Sword indicator is currently in a mixed state
• However, JJ and GT have not changed color yet