Daily Report — 06/04/26 · "The Dip Bought — Rotation Within the Rotation"

OpEx Friday read (covers 06/05, weekly expiration + May jobs report). Bull lean — roughly Bull 50 / Pin 26 / Bear 24, upgraded from a mild lean now that the fresh data is in: the sentiment gauge snapped +6.5 back to greed (72.7) and confirmed the dip-buy, flipping the third OpEx condition positive. The 8:30 jobs print is still the binary that can mechanically override either way. The dealer bid returned (Market DEX flipped positive, front-expiry dealers long delta), the desk is pulling its 6/5 downside protection, SPY sits on a positive-gamma shelf, and the sentiment gauge just confirmed the bid with a +6.5 snap-back — all supportive. Against that: the S&P's own zero-day gamma is negative at spot with an air-pocket below, Savino's map has Friday as a minor-low/chop day before the real move, the fresh 0605 zone is downside-skewed (more room below than above), and the snap-back parks sentiment back at the top of its band (top-watch), thinning the squeeze fuel. A hot jobs number revives the July-hike tail and the bear case wins; a soft or in-line number lets the dip-buy carry.

Synthesis layer. Every number behind this read — the Rule-15 price anchors, the four-timeframe expected moves, the Rule-12 side-adjusted options, the Rule-5/10 price-adjusted darkpool, the dashboard panels and the Rule-16 timing buckets — lives in the comp file (comprehensive_analysis_0604.md), which cleared the Phase 0.5 inventory gate and all six Phase 1.5 citation checks before this was written. What follows is what the flows mean.

The Read

The convergence is balanced and bifurcated again, which is the honest state of this market: the near term tilted bullish today, the structure stays fragile, and the leadership will not sit still. What actually changed from yesterday is the one thing that mattered most — the dealer bid. Wednesday it flipped negative and the index air-pocketed; Thursday it flipped back positive, the front-expiry dealer book went long delta, and the mechanical floor that had vanished reappeared underneath a broad dip-buy. That is the whole reason the coil released downward one day and got bought the next. It is also the reason not to over-trust either session: a dealer-exposure reading that flips sign on consecutive days is an amplifier, not a compass.

But read the breadth before you read the bounce. This was not the index melting up on its mega-cap leaders. It was the opposite: small-caps and the equal-weight tape led, financials and healthcare and defense were bought across the board, and the cap-weighted Nasdaq actually closed red, dragged by a double-digit earnings break in Broadcom and a coordinated de-gross of the semiconductor-equipment complex. Money did not chase what already worked. It rotated into what had lagged. Whether that is healthy broadening or the distribution of crowded leaders into a catch-up bid is the question that decides June — and today's flow gives a surprisingly clear partial answer.

The Breadth Divergence Is the Tell

The index complex split cleanly along a cap-weight axis. The broad, equal-weighted market rose; small-caps rose more; the Nasdaq fell. The same divergence showed up in the options tape, where the desk bought broad-index calls in size while simultaneously buying Nasdaq puts — bullish the market, hedged on the mega-cap-tech inside it. When the equal-weight tape and the small-cap index outrun the cap-weighted Nasdaq by that margin, the laggards are leading and the leaders are lagging. That is mean-reversion of the narrowness the bears have warned about for weeks — and on this one session it argued the participation is widening, not collapsing.

It does not erase the structural caveat, because the quarterly ceiling did not move. Both Nasdaq proxies are still parked two standard deviations above their quarterly expected-move band, and today's rotation did nothing to relieve that overshoot — if anything the bid into everything-but-the-Nasdaq kept the cap-weighted complex pinned rich. The statistical pull toward the band is intact; what changed is only which neighborhood holds the bid while the overshoot works off. The fresh 0605 zone map shows exactly where the vulnerability sits: the technology and Nasdaq complex carry the widest downside zones on the board — markedly more room below than above — while the broad-index trends all still read valid and rising. The geometry tilts cautious into Friday even with the trend up.

One Tape, Both Lies — the Decompositions You Asked For

You suspected the labels were lying on the down names that were being bought and the up names that were being sold. They were, in both directions. Start with the dips that got bought. Broadcom broke double digits on its earnings gap, and by price that is distribution — but the truth underneath is accumulation: the overwhelming majority of its darkpool volume printed above the closing price, the options tape was net bullish with the single largest near-term call on the entire board struck just above the gap, and dealers sat long. That is not a liquidation; it is a desk absorbing an earnings air-pocket and positioning for the snap-back. The same fingerprint sits on CrowdStrike, which closed red but took its darkpool entirely on the offer and then announced a stock split — management signaling into weakness — and on Astera, down on the day but absorbed on a heavily ask-side tape. Down price, bought flow.

TAPE · Darkpool: AVGO −$951M at-bid but 85% above spot (dip absorbed); CRWD +$284M at-ask; ALAB +$229M at-ask. Flow: AVGO 6/18 $410C $44M (AtAsk dip-buy).

Now flip it. The names that were green but quietly sold tell the mirror story. MicroStrategy ticked higher while its options went decisively bearish — the bounce was the exit. Gold closed green while its options bought puts. Intuitive Surgical rose while its options faded. Up price, sold flow. The lesson is the one the framework keeps relearning: in a fast tape the at-bid and at-ask labels are spread artifacts; price direction plus where the volume actually rests is the signal. Today the signal said the broken mega-caps were being accumulated and several of the green names were being distributed into.

TAPE · Darkpool: MSTR −$182M at-bid. Flow (bounce sold): MSTR 6/18 $240P $84M (AtAsk); GLD 6/18 $450P $35M (AtAsk).

Micron and the Top-Trigger That Fired

Yesterday's report named the exact mechanical line: lose the support shelf and the parabola is confirmed as a top. Today Micron lost it — a hard down day that broke the level cleanly — so the top-trigger fired and the call was correct. But the same session refuses to make it simple: the stock took the majority of its darkpool on the offer and carried the heaviest call-buying of any down name on the tape, closing right on a supply shelf. So the parabola is broken and the dip is being defended at once. The resolution is binary and mechanical, not aesthetic: reclaim the shelf above and the bulls earn another leg; lose the floor just beneath and it air-pockets into the prior gap. It is a downgraded holder, half-size, top-confirmed — crowding was never conviction.

TAPE · Darkpool: MU −$3.02B at-bid (distribution; lost 1,064). Flow: MU 7/17 $1,050P $22M bought, 6/12 $1,050C $27M sold — the big prints fade the rebound even as the dip is bought.

The Intra-Tech Rotation Flipped Sides

This is the single most important structural change of the day, and it is the inverse of yesterday. On Wednesday the equipment, memory and analog chips were the bid and the GPU and AI-software were sold. Today the sides swapped: the GPU and design names bounced — Nvidia off its shelf, Marvell hard, the EDA layer green — while the equipment-and-memory cohort that had led became the funding source. AMD was distributed cleanly, the memory and lithography names were sold, and the storage high-flyer that had gone vertical was the single most-hedged name on the options board. The put walls confirm it: the heaviest single-name downside protection now sits on the semiconductor-equipment ETF and the storage leader, not on the GPU. The crowded winners of one session became the source of funds for the next. In a record-dispersion tape, leadership has a shelf life measured in days.

TAPE · Darkpool: NVDA +$1.30B / MRVL +$1.37B at-ask (bounce) vs AMD −$1.45B at-bid (funding source). Flow: NVDA 7/17 $215C $70M (AtAsk); cohort hedge SNDK 1/15/27 $1,700P $95M (AtAsk).

Stealth Cash vs. Options Froth — the Quality Tell

Here is the most useful distinction on the tape, and it answers your question about whether financials, healthcare and industrials are finally catching a bid: they are — but the kind of bid matters more than the fact of it. The rotation into financials and healthcare is showing up in cash — in the darkpool and in price — and is almost invisible in options premium. The sector options-flow panel still reads those groups as net-negative on premium even as their stocks ripped and their darkpool went bid. That is the signature of stealth institutional accumulation: real money buying stock, not chasing calls. It is the durable, uncrowded kind of bid. Contrast that with the mega-cap-growth bounce and the comm-services leadership, which carry the call-premium froth — the crowded, fragile kind. So the rotation has a quality hierarchy: the financial and healthcare bid is the one to trust on relative strength, precisely because the options crowd has not arrived yet.

TAPE · Darkpool: cash bid is in the tape (BAC +$814M, LLY +$297M at-ask) while sector options premium runs net-negative. Flow: HC thin/mixed (UNH 7/17 $350C $57M, no put wall) — cash, not froth.

The Rotation Map — Where the Bid Went

Financials were the broadest sector rip, and they are the rising-yield trade. This is no longer the narrow banks-only pocket of the prior two sessions — it broadened to the whole sector. Money-center banks, the brokers, the card networks that were being distributed yesterday, and the private-credit and alternative-asset managers all caught a strong bid, with Wells Fargo carrying the single strongest accumulation ladder on the board. And the private-credit names that "randomly" caught a bid are not random at all: long-end yields are biased higher into a summer bond low, and rising yields with a steeper curve is the textbook tailwind for banks, insurers and credit managers. The financials bid is cash-driven, three sessions confirmed, and macro-coherent — the cleanest rotation destination on the tape. The fresh trend map confirms it twice: financials now carry the highest trend-validity reading of any sector — the most-valid uptrend on the board — but they have run to the top of their daily zone with almost no upside room left, so it is a valid trend that is near-term extended, a pullback-in-an-uptrend risk into Friday rather than a fresh chase.

TAPE · Darkpool: BAC +$814M, GS +$605M, JPM +$425M, WFC +$253M at-ask; BX −$110M “at-bid” = Rule-10 lie on a +7% tape. Flow: BAC 6/18 $40C $69M / $42C $45M (AtAsk).

Healthcare was the broadest and highest-quality bid. Every subsector was green — pharma, devices, biotech — and managed care exploded higher, the cohort that had been left for dead leading the entire market. The bid is in cash, not options, which is exactly why it can persist. This is now two sessions confirmed and it is the defensive-growth destination of choice. The trend map backs it — healthcare is among the highest-validity uptrends on the board — though, like financials, it has run to the top of its zone, so it too is extended near-term.

TAPE · Darkpool: LLY +$297M at-ask; UNH −$1.28B “at-bid” = Rule-10 lie on a +5% tape. Flow: UNH 7/17 $350C $57M (no offsetting put wall) — a cash bid, not a call chase.

Defense, drones and space rebounded with conviction; eVTOL did not. The prime contractors and the missile-and-radar names were bought across the board, the small-cap drone complex rebounded hard after its recent flush, and the space names ripped — one of them stealth-accumulating billions on the ladder while closing flat. The distinction worth drawing for the user who asked: the drones and space names rebounded, but the eVTOL air-taxi names lagged red. Rebound confirmed for defense and drones; not yet for eVTOL.

TAPE · Darkpool: LMT +$119M, RTX +$114M, GD +$99M at-ask (cash-led, thin options). Flow: NOC 6/18 $680P $2M is the lone hedge — the move is darkpool, not call-chased.

Comm-services mega-cap was the real index bid. The single largest darkpool buy on the entire tape was Alphabet — and the irony is sharp, because the loudest bear thesis of the week was that Google is "begging for cash" after its giant capital raise. The session that aired that thesis was the session Google was the most-accumulated name on the board. Meta was the cleanest mega-cap accumulation. The comm-services complex, not the semis, carried the cap-weighted bid.

TAPE · Darkpool: GOOGL +$3.39B at-ask (biggest buy on the tape), META +$2.57B at-ask. Flow: META 8/21 $720C $20M (AtAsk).

Energy bifurcated; crypto refused to show. Oil rotated the way risk-on days rotate: the defensive exploration-and-production majors and refiners faded as money left them for growth, while oil-services, midstream and the gas names held their bid — services and pipelines are the constructive pocket, the drillers are the funding source — and the fresh trend map flips metals from merely hedged to a confirmed downtrend, with gold and silver both now reading a red, falling trend under a firm dollar. And crypto was the clean non-confirmation of the day: while equities ripped, the Bitcoin proxy stayed broken below the floor it lost yesterday, the miners were red, and the leveraged proxies ticked green only to be sold in the options. The risk-on bid was an equities-only bid. Notably, the patient money showed up in long-dated 2028 Bitcoin call leaps even as the spot complex bled — structural bulls accumulating under a tactical break. Yesterday's "watch the floor, don't anticipate" call held: no reclaim, no bottom.

TAPE · Darkpool: IBIT −$4M (broken, at-bid), MSTR −$182M, COIN −$78M at-bid; energy split — SLB +$97M at-ask vs XOM −$87M at-bid. Flow: COIN 6/18 $340P $39M (AtAsk); patient bull IBIT 12/2028 $45C $11M leap.

Nvidia did exactly what the shelf said it would. It bounced off the 212–214 demand zone the prior report named — intraday low right at it — and then stalled near 221, which is precisely where its gamma flips negative. That is a positive-gamma grind capped at the wall, not a breakout and not yet a bear flag; above the shelf it can press toward the wall, and only a clean loss of 214 reopens the air-pocket toward 200. Bounce, not breakout.

TAPE · Darkpool: NVDA +$1.30B at-ask (accumulation). Flow: NVDA 7/17 $215C $70M, $210C $65M (AtAsk) — calls stacked at the shelf, capped by the 225 wall.

Alphabet vs Meta — One Bid Is a Trend, the Other Is a Reversal

You flagged the comm-services trend going stale even as Alphabet printed the biggest buy on the tape, and decomposing the three names resolves the paradox: the sector's two heavyweights are doing opposite things across timeframes, which is exactly what collapses a sector's trend reading toward the dead line. Meta is the genuine, durable bid — a strong multi-day accumulation ladder, demand-heavy on a reliable tape, sitting in positive gamma that pins it toward its upside cluster. That is a real uptrend with mechanical support above it. Alphabet is the opposite animal. Both share classes drew the two largest single-name darkpool buys on the entire board and popped nearly four percent with the overwhelming majority of volume printing above spot — but that one session sits on top of a fifteen-day distribution: the prior weeks were heavy sell days, the late-May flush alone pulled billions out of each class, the positional book is still majority bid-side, no clean accumulation ladder has formed, and both classes sit in negative gamma where dealers amplify rather than dampen the next move. Alphabet's bid is real for one day and unconfirmed as a trend.

The options agree with that split and decline to chase Alphabet. Meta's options are cleanly net-bullish, led by a real upside call at the very strike its positive gamma already pins toward. Alphabet's are not: side-adjusted they net roughly flat to slightly negative with more than half the premium unclassified, the only sized near-dated prints are calls sold at the bid, and the genuine conviction shows up only in 2029 LEAP calls — a patient structural bet, not a vote on this week. That is the tell that reconciles MAV's "Google is begging for cash" thesis with the tape: the fifteen-day flow was distribution, exactly as the bear case argued, and Thursday was a sharp counter-bid against it, not its refutation. Meta is the cleaner long — durable cash, demand-heavy, positive gamma. Alphabet is a one-day reversal on negative gamma that has to prove itself: follow-through above the day's high would turn the fifteen-day distribution, while a failure marks the pop as a counter-trend bounce — and the negative gamma means whichever way it resolves, it resolves fast.

TAPE · Darkpool today: GOOG +$4.44B / GOOGL +$3.39B at-ask (the two biggest buys on the board) vs META +$2.57B at-ask — but 15-day: GOOG net −$7.26B, GOOGL no ladder (7/16 bull days), both 60-63% at-bid positionally + negative gamma; META 13/16 ladder, +$14B net, 79% at-ask, positive gamma (720 pin). Flow: META 8/21 $720C $20M (AtAsk, aligned with the gamma pin); GOOGL/GOOG only 2029 LEAP calls sized + near-dated calls SOLD at bid (GOOG 7/17 $360C, 6/12 $370C AtBid) — options refuse to confirm the Alphabet cash bid.

Two Desks, One Reconciliation

The macro commentary framed the whole tape. Darius Dale is about as bullish as he has ever been: growth improving, inflation peaking, the Fed easing its reaction function, fiscal loosening next year, global liquidity in an uptrend, and the only red flag — crowded positioning — an accelerant rather than a catalyst. His tell is the high-beta-to-low-beta ratio breaking above the level that last broke in 1998, right before the melt-up year; his instruction is blunt — "when bubbles inflate, be long them," and don't short what you don't have to. That is the macro engine under today's dip-buy, and it is the quantified version of your own read: the CrowdStrike split, the speculative froth, the 2021-mania echo — that is what a bubble inflating looks like.

Mav is the counterweight, and his mechanical warnings are the ones the flow actually confirms: the gamma-squeeze character of the rally, the insiders positioning chip-ETF puts while the public chases calls, the skew flip, the levered-ETF and retail froth. Those are validated by today's put walls on the equipment complex. His weakest point — that breadth is "awful" and the rally is narrow — is the one today challenged, because breadth broadened. The reconciliation is Darius's own 1998 analog: a market that bubbles and crashes along the way. Buy the inflation now, respect the crash-along-the-way into mid-June, then the melt-up resumes. Both desks are right about different horizons.

The Hedges Still Name Mid-June

The hedging map is unambiguous and it has tightened since yesterday. The desk is removing its protection for tomorrow's expiration — the front-week put line has been bled off over the last two sessions, which is why the front expiration now reads net-bullish and the dealer book is long delta into Friday. Meanwhile the monthly quad-witch put build has flattened at the deepest level on the board, fully saturated, and the dealer book carries its heaviest short-delta straddle into the Fed decision in the middle of the month. Read as a single map: the desk does not fear Friday, and it has fully insured the Fed-and-quad-witch cluster. On the timing tools, holding strictly to shape and date rather than price, the projection puts the dominant inflection in that same mid-month window with a sharp move after it, and the bond forecast keeps long-end yields rising into a summer low — the magnitude of any of it lives only in the expected-move bands, never on a projection axis. Every independent input points at the same window: 6/16 through 6/18 is where the risk lives, and the near term is being actively de-risked.

TAPE · Flow map: 6/5 puts removed (front de-hedge); 6/18 the deepest put build; VIX 6/17 $20C the FOMC vol hedge. Dealers carry −$4.7B short delta into 6/17.

Convergence & Fragility

The count is balanced — nine bullish themes against nine bearish — and as always the composition is the message. The bull side is today's tape: the Fed permissive, the broad index bid, the dealer exposure flipped back positive, and four separate rotation destinations catching cash — financials, healthcare, defense, and comm-services mega-cap. The bear side is the structure: the quarterly two-sigma overshoot still intact, the semiconductor-equipment de-gross, the Nasdaq hedging, the crypto breakdown, and the mid-June catalyst cluster. Because the Fed only soft-gates and the two sides are evenly weighted, conviction does not trigger. The honest call is a bullish near-term tape inside a fragile structural ceiling — not a clean directional bet.

Fragility stays maxed and gets the last word, as the rule requires. The defining feature is the dispersion itself: leadership rotated a full hundred-and-eighty degrees in a single session for the second day running, which is not the behavior of a durable trend — it is churn at a multi-year correlation low. A market that can flip its entire leadership overnight can flip it back just as fast. And the sentiment gauge underlines it: the very same dip-buy that confirmed the bid snapped sentiment +6.5 right back to the top of its band — two sessions after it had rolled off — so the read returns to top-watch the moment it turns bullish. Size for that, not for the conviction the bounce wants to inspire.

Forward Path & Trade Architecture

Tomorrow is the binary: a Friday weekly expiration with the May jobs report at the open. The mechanical setup leans bullish — upgraded as the sentiment snap-back confirmed the dip-buy; dealer bid back, front-week protection removed, a positive-gamma shelf under the broad index — but the jobs print can override it. A hot number revives the July-hike tail into a firm-yield backdrop and the bear path opens through the index's negative-gamma zone; a soft or in-line number lets the dip-buy and the returned dealer bid carry. Trade the number, not a conviction.

The architecture: follow the cash, fade the froth, hedge mid-June. Own the stealth-cash rotation on relative strength, fragility-sized — banks and the broad financial complex first because they are the cleanest and the rising-yield beneficiary; healthcare and managed care as the durable defensive-growth bid; defense, drones and space; and the comm-services mega-caps that carried the real index bid. Treat the semiconductor-equipment and memory cohort as the source of funds — that is where the put walls and the distribution are — and lean against it into strength rather than chasing it down. The battlegrounds are the bought dips: Broadcom resolves up only on a reclaim of its gap shelf and down to its monthly band if it fails; Micron is the same fight one floor lower. Nvidia is a long off the shelf, capped at its gamma wall. Do not anticipate crypto — the proxy has to reclaim its broken floor before the flush is a bottom. And mirror the desk: protect the Fed-and-quad-witch window in the middle of the month, not tomorrow.

Scorecard — Grading Yesterday's Call

The framework owns its record. Grade for the 0603 report: B+. The single-name mechanical calls were excellent and several were exact. Nvidia's 212–214 shelf was named as the higher-odds bounce zone and it bounced off it to the tick. Micron's "lose the shelf and the top is confirmed" trigger fired precisely — the level broke and the parabola topped. The Bitcoin "level, not a bottom, watch the floor" discipline was vindicated: no reclaim, crypto kept bleeding. The surgical-hedging map — front-week covers the Broadcom print, mid-June is the danger — played out exactly, with the front-week protection now coming off post-event.

The misses were two, and they are the same lesson twice. First, the index-direction lean was a session early on the wrong side of a dealer flip — the report leaned on Wednesday's negative dealer exposure as if it would persist, and it reversed Thursday. That is the identical error the 0603 report itself flagged in the 0602 report, now repeated in the opposite direction. The conclusion has to be logged structurally: in a record-dispersion regime the dealer exposure reading is a same-session amplifier, not a next-session compass, and it should stop being used to set directional weight overnight. Second, the rotation destinations did not persist — the equipment-and-memory cohort the report said to own as the rotation winner became the next session's funding source, and the hyperscaler-and-software names it called a source of funds were the bounce. Structure and single-name mechanics: A. Index timing and rotation-persistence: C. The leadership flips faster than a daily report can hold it, which is itself the most important finding.

From this report forward the Top Trades to Follow list (below) is carried into the next report's Scorecard and graded alongside these directional calls — a running, auditable track record. 0604 is the inaugural list, so there is nothing prior to grade yet.

Bottom Line

The dip got bought, but the bid moved neighborhoods again. The dealer floor that vanished on Wednesday reappeared on Thursday, and a broad rotation lifted small-caps, financials, healthcare, defense and the beaten mega-cap growth — while the equipment-and-memory chips that led the day before were sold to pay for it, and crypto sat the rally out entirely. The highest-quality bid is the quiet one: financials and healthcare are being accumulated in cash, not chased in options, which is why they are the rotation to trust. The broken mega-caps — Broadcom, Micron, CrowdStrike — are being absorbed under red prints, not dumped, and CrowdStrike's split is the kind of signal a bubble inflating sends. None of it relieved the quarterly overshoot, and every hedging input still points at the Fed-and-quad-witch window in the middle of the month. So the synthesis is the one both desks share across different horizons: be long the inflation now, respect the air-pocket into mid-June, and keep sizing for a market whose only constant is that its leadership will not hold still. There is always a bull market somewhere — today it changed clothes again.

Top Trades to Follow

The institutional option trades the day's flow actually backs, balanced the way the tape reads — own the cash rotation, fade the equipment-and-memory de-gross, hedge the mid-June window. Flow to follow, not personalized advice; each is graded in the next report's Scorecard.

LONG BAC 6/18 $40C — the broad-financials rising-yield bid; $69M at-ask, the cleanest cash-confirmed rotation with the WFC / JPM / GS ladders behind it.

LONG (tactical) NVDA 7/17 $215C — the 212-214 shelf bounce; $70M at-ask stacked at the shelf, defined-risk and capped at the 225 gamma wall — lose 214 and exit.

LONG (battleground) AVGO 6/18 $410C — the dip-buy reclaim; $44M at-ask into the earnings gap with 85% of darkpool above spot — works only on a reclaim of the 420 shelf.

HEDGE / SHORT SNDK 1/15/27 $1,700P — the memory-cohort gamma unwind; the #1 put on the board ($95M at-ask), the parabolic leader rolling over.

HEDGE / SHORT SMH 6/12 $560P — the semiconductor-equipment de-gross (the insider chip-put thesis) — rides the funding-source cohort lower.

SHORT MSTR 6/18 $240P — crypto non-participation and the bounce-fade; $84M at-ask, the cleanest crypto-bear print while the equity tape rips.

CALENDAR HEDGE VIX 6/17 $20C — protect the FOMC + quad-witch window the desk is hedging into; dealers carry −$4.7B short delta at 6/17.

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SOURCES

Full audit list — every file read and source touched for the 0604 cycle. The data layer behind every claim lives in the comp file, which cleared the Phase 0.5 inventory gate and all six Phase 1.5 citation checks (including price-traceability).

Expected Moves (data date 0604)

• Daily EM 0605 (forward bands off 0604 close) · Range & Trend 0604 · Zones 0604 (0605 range&trend not yet dropped)
• Weekly EM 0601-0605 · Monthly EM June · Quarterly EM Apr-Jun (QTD 2σ Nasdaq breach intact)
• FOM Sentiment 0603 (66.2 GREED, −6.0 5D — rolling over, Rule 14 inactive)

Tradytics Dashboards + CSVs (0604)

• Options dashboard 0604.pdf (26 pp) — panel TYPES image-read: Market Net Flow, 0DTE Flow + 0DTE GEX (hour/SPY/SPX), Market DEX, Flow Map, Flow Timeline, Dealers Diary, Top Flow, Largest Flow Trades, Call/Put Chains, Cheapies/Leaps/Most-OTM/Large-OTM-OI, Calls/Puts Market Dashboards, Weekly Sector radar, Sector Flow line; Live Options Flow CSV — Rule-12 side-decomposed (41,467 rows)
• Darkpool dashboard 0604.pdf (13 pp) — Largest DP Trades, Sector DP gross + Sector Net, DP Ticker Dashboard; Darkpool Market Summary CSV — Rule-5/10 price-adjusted (3,122 rows)

Timing (Rule 16 — TIMING / DIRECTION / STRUCTURE only, never magnitude)

• Savino June projection + inverse (TIMING: minor-low ~6/5-6/7, dominant inflection 6/16-17, sharp move after) · ZB_F bond forecast (yields up into a summer bond low)

Commentary

• Darius Dale / 42 Macro 0604 (fiscal-dominance bull; high-beta/low-beta 2.21 = 1998 breakout; "be long inflating bubbles")
• MAV 0601 — AI Mania Warning (gamma-squeeze/skew-flip/breadth/Google $80B raise) · MAV 0603 · Silva 0603 — Return of the Dragonfly (7,480 weekly gamma flip)

Recon Pipeline (2026-06-04 wl1, 520 tickers)

• Per-ticker WL1 reports — ~95 Rule-15 price anchors extracted across index/mega-cap/semis/software/cyber/healthcare/financials/private-credit/defense/drones/space/energy/data-center/crypto/metals; full reads on NVDA, AVGO, MU, META, MRVL, GOOGL, AMZN, ORCL, CRWD, UNH, WFC, NBIS, ALAB. ticker_reports · 12 sector chunks (bottom-up: Financials broad-bull ex-crypto, Tech bifurcated)

Framework Context

• comprehensive_analysis_0604.md (passed Phase 0.5 + all 6 Phase 1.5 checks) · OpEx Regime-Exception Protocol · regime_snapshot.md (refreshed to 0604)