Journal ·
Wednesday, 22 April 2026
Regime Risk-onMarket regime
Risk-on — the model's authoritative close-of-day read. VIX 18.92 (elevated, vol easing). Breadth 66.8% (453/678) of names above their 50-day EMA (healthy participation). SPY closed 711.20 — +8.2% vs its 200-EMA (657.50).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-on | Close-of-day read |
| VIX | 18.92 | Elevated — vol easing |
| Breadth >50-day EMA | 66.8% (453/678) | Healthy participation |
| SPY close | 711.20 | +8.2% vs 200-EMA (657.50) |
Regime assessment
The model reads risk-on: the S&P 500 is above its 200-day average, breadth is healthy and volatility is contained.
Status
Close-of-day regime for 22 April 2026: risk-on.