The major indexes have rallied over the past couple of sessions but remain below key resistance, with the S&P 500 the lone exception. It holds just above its 50-day SMA, but that narrow margin offers little reassurance given the broader market’s weakness. The Russell 2000 posted the strongest gain today but remains below its 200-day SMA. Meanwhile, the Nasdaq has spent three consecutive sessions below its 50-day SMA and rising bottoms line. Breadth continued to deteriorate, with only 148 new highs versus 376 new lows. The landscape among leading growth stocks has changed little, as reflected in today’s Focus List. Medical and healthcare stocks—particularly biotech and genomics—currently show the most promise. Specialty retail, financial, and insurance stocks continue to perform well. Software names appear to be stabilizing, while many semiconductor stocks remain weak. Given my position-trading and trend-following approach, I prioritize capital preservation. More active traders may find opportunities by following the rotation into areas showing relative strength, but only while making consistent progress and keeping risk under control. I’ll remain on the sidelines until the major indexes show renewed strength and market leadership's health and breadth improve. There’s no need to anticipate a recovery before the price action confirms it. Keep refining your watch lists and tracking the strongest names. When the market turns, be ready to act—but let price action, not anticipation, dictate when you put capital to work.