Journal ·
Wednesday, 23 September 2026
Regime Risk-offMarket regime
Risk-off — the model's close-of-day read. VIX 15.18 (calm, no fear bid). Breadth 34.0% (332/978) of names above their 50-day EMA (deteriorating — most names below their 50-day EMA). SPY closed 767.93 — +6.5% vs its 200-EMA (720.98).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-off | Close-of-day read |
| VIX | 15.18 | Calm — no fear bid |
| Breadth >50-day EMA | 34.0% (332/978) | Deteriorating — most names below their 50-day ema |
| SPY close | 767.93 | +6.5% vs 200-EMA (720.98) |
Regime assessment
The model reads risk-off: at least one of trend, breadth or volatility has turned against risk-taking.
Status
Close-of-day regime for 23 September 2026: risk-off.