The Nasdaq and S&P 500 rallied over the past two sessions, with the S&P 500 reclaiming all its key moving averages. The Nasdaq, however, remains below its 50-day SMA. The Russell 2000 reclaimed its 200-day SMA and declining tops trendline but continues to trade below its declining 50-day SMA and 65-day EMA. The Dow, while less relevant to my overall market assessment, continues to consolidate tightly on light volume above its declining tops line and key moving averages, which are converging just beneath price and could provide a launchpad for a move higher. Breadth remains weak. Today’s session ended with 128 new highs versus 314 new lows. Deepvue’s stage analysis dashboard paints a similar picture: 55% of stocks are in Stage 4 declines, compared with just 29% in Stage 2 uptrends. Another 15% are forming Stage 3 tops, while only 1% are building Stage 1 bottoms. The recent index rebound has yet to translate into broader market improvement. Even so, I still see a surprising number of sound setups among leading growth stocks. Software remains strong, particularly cybersecurity, although some names are becoming extended in the short term. Biotech and genomics stocks are beginning to show potential as possible sources of renewed leadership. Specialty retail and select technology groups are also producing constructive setups, including strength in some leading semiconductor names. Tonight’s Focus List highlights several of these opportunities. With the FOMC decision due tomorrow at 2 p.m. ET, earnings season in full swing, and midterm elections approaching, several catalysts could influence the market’s next move. I remain in cash but am willing to initiate two or three pilot positions, sizing each at approximately 3%–5% of portfolio equity. The combined value of all positions will remain at or below 15% of portfolio equity. For example, three positions sized at 5% each would use the entire allowance, leaving no room for additional positions without reducing existing exposure. I’ll start small and let the results dictate what comes next.