Journal ·
Thursday, 5 November 2026
Regime Risk-offMarket regime
Risk-off — the model's close-of-day read. VIX 28.18 (stressed, vol regime stressed). Breadth 52.4% (513/978) of names above their 50-day EMA (mixed). SPY closed 733.43 — -0.2% vs its 200-EMA (734.88).
Key numbers
| Metric | Level | Read |
|---|---|---|
| Regime | Risk-off | Flip from risk-on |
| VIX | 28.18 | Stressed — vol regime stressed |
| Breadth >50-day EMA | 52.4% (513/978) | Mixed |
| SPY close | 733.43 | -0.2% vs 200-EMA (734.88) |
Regime assessment
Regime flipped to risk-off from the prior risk-on read. The model reads risk-off: at least one of trend, breadth or volatility has turned against risk-taking.
Status
Close-of-day regime for 5 November 2026: risk-off. Changed from risk-on.