Journal ·
Tuesday, 21 April 2026
Regime Risk-onMarket regime
Risk-on — the model's authoritative close-of-day read. VIX 19.50 (elevated, vol easing). Breadth 67.5% (525/778) of names above their 50-day EMA (healthy participation). SPY closed 703.91 — +7.1% vs its 200-EMA (657.35).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-on | Close-of-day read |
| VIX | 19.50 | Elevated — vol easing |
| Breadth >50-day EMA | 67.5% (525/778) | Healthy participation |
| SPY close | 703.91 | +7.1% vs 200-EMA (657.35) |
Regime assessment
The model reads risk-on: the S&P 500 is above its 200-day average, breadth is healthy and volatility, though still elevated, is easing.
Status
Close-of-day regime for 21 April 2026: risk-on.