The market has gauges. These are their operating manuals.

How many stocks are still on buy signals?

The P&F buy-signal count: construction, every sub-30 washout since 2010 graded — and the honest test showing the over-70 "overbought" folklore fails on sixteen years of data.

Did the stampede signal actually fire?

The exact state machine, every completed thrust and near-miss on our universe, the sourced 1945+ lore — and the two famous NYSE thrusts that peaked at 0.612 here, three thousandths short.

Is the rally broad enough to trust?

The three-layer reading framework, six breadth gauges compared with their classic false positives, and every thrust since 2010.

Are more stocks advancing than declining?

How the cumulative breadth line is built, the divergence record before every major top, and the cap-cohort decomposition that locates the weakness.

Is breadth stretched, washed out, or accelerating?

The 19/39-EMA construction, the honest edge test, the deepest prints on record — and why we refuse to publish a Summation Index.

Is internal conflict actually dangerous?

The recipe behind the scary name, its honest hit rate, and the famous fires and fizzles from our full 2010+ record.

Is the Fed adding or draining — and does it matter?

What the H.4.1 actually reports, every QE and QT era computed from the weekly record — and the honest test: the largest QT ever ran while SPY rose 74%.

Do feelings match the receipts?

What Michigan actually asks, why eight of the ten lowest readings ever came since 2022 while spending grew, and the honest contrarian test — low sentiment tilted bullish, modestly.

Is volatility stress momentary or structural?

Contango, backwardation, why the average inversion was buyable and the long ones were not — plus the settlement quirk that once burned us.

Is the bond market pricing trouble?

What a credit spread actually prices, every famous blowout computed from seven decades of data, and the 2007 lesson that calm is the warning.

Is policy restrictive enough to threaten the cycle?

Every inversion cycle since 1976 computed — depth, duration, recession leads — plus the un-inversion trap and the 2022–24 record breaker.

Is options activity actually stretched?

What the ratio actually counts, why equity and index readings live on different scales, and the honest limits of a record that starts in 2025.

How expensive is the whole market — and what does today's reading actually mean?

The official market-cap-to-GDP ratio beside a validated market-close estimate, the profit-share decomposition, historical benchmark quarters, and the honest finding that today's valuation band is still largely ungraded.

How much money is there — and does it predict anything?

What the Fed counts and excludes, the 40% pandemic surge, the only contraction in the 1959+ record, and the honest two-era test of whether M2 growth predicts inflation.

What has this valuation implied for the next decade?

What the Shiller PE measures, forward 10-year real returns by starting valuation, every episode above 30 since 1881 — and the rate-adjusted rebuttal in Shiller's own excess CAPE yield.

Is leverage rising faster than the market?

What FINRA actually counts, the three famous leverage peaks, and why the level alone is only a headline.

Is leadership cyclical, defensive, or unclear?

The three-read framework, the cyclical-vs-defensive cycle map, and why US sectors outrank the global and crypto reads.