Journal ·
Friday, 22 May 2026
Regime Risk-onMarket regime
Risk-on — the model's authoritative close-of-day read. VIX 16.70 (calm, no fear bid). Breadth 58.7% (575/979) of names above their 50-day EMA (healthy but marginal — a modest majority of names in primary uptrends). SPY closed 745.67 — +11.3% vs its 200-EMA (670.02).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-on | Close-of-day read |
| VIX | 16.70 | Calm — no fear bid |
| Breadth >50-day EMA | 58.7% (575/979) | Healthy but marginal — a modest majority of names in primary uptrends |
| SPY close | 745.67 | +11.3% vs 200-EMA (670.02) |
Regime assessment
The model reads risk-on: the S&P 500 is above its 200-day average, breadth is healthy but marginal and volatility is contained.
Status
Close-of-day regime for 22 May 2026: risk-on.