Journal ·
Thursday, 23 April 2026
Regime Risk-onMarket regime
Risk-on — the model's authoritative close-of-day read. VIX 19.31 (elevated, vol firming). Breadth 64.3% (564/877) of names above their 50-day EMA (healthy participation). SPY closed 708.41 — +7.6% vs its 200-EMA (658.39).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-on | Close-of-day read |
| VIX | 19.31 | Elevated — vol firming |
| Breadth >50-day EMA | 64.3% (564/877) | Healthy participation |
| SPY close | 708.41 | +7.6% vs 200-EMA (658.39) |
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 23 April 2026: risk-on.