Market Breadth and Positioning

Breadth gauge improved to 55, shake-out buy at 7400. VIX dropped 17% on AI hope. Q2 earnings preview shows breadth improving and forward P/E ~20.5x. Rotation signals from equal-weight RSP vs cap-weighted SPY. Contrarian buy-the-dip thesis intact. Options show put wall at 7300, supports 7250/7130. Neutral sentiment reflected in iron condor trades. New geopolitical risk may spike VIX and test supports.