Thursday's pre-market scan shows a clean regime flip — DISTRIBUTION replaces Wednesday's INFLATIONARY PUMP as the risk layer drops out and Composite falls from +5/9 to +3/9. The McClellan oscillator snapped from -29.3 to -121.9 overnight, which the framework itself flags as a SNAP event, not noise. Bitcoin and Ethereum both flip bearish alongside it. The standout number in the whole scan belongs to Wednesday's close, though — Rivian posted a Confidence Score of 10, the highest we've recorded, paired with a 96% Institutional Convergence read. Russell 2000 carries the freshest setup tied to today's actual regime: an SD2L Extreme reclaim with the strongest multi-timeframe confirmation in this morning's scan.
DISTRIBUTION. Composite +3/9, down from Wednesday's +5/9. Bonds (Layer 1) off, equities (Layer 2) on, risk assets (Layer 3) off — the risk layer flip is what took Composite down two points overnight. Macro Bonus flipped from +1 to -1. VIX Layer reads 1.5, still low fear (17), so this isn't a volatility-spike-driven flip. Leader: Equities. Transition: ↓ Deteriorating. Breadth regime reads DIVERGING (Score -3/8, Trend -2). The McClellan oscillator snapped from -29.3 at Wednesday's 23:00 UTC close to -121.9 in this morning's read — the framework flags this explicitly as a SNAP event. The percentage of names above the 50-day average swung to -63.2% while the percentage above the 200-day average held at 64.4% — a short-term air pocket opening up underneath still-intact longer-term structure.
The framework flipped to DISTRIBUTION overnight — equities still on structurally, but the risk layer dropped out and Composite fell from +5/9 to +3/9. This is a regime change, not noise: McClellan snapped from -29.3 to -121.9 between Wednesday's close and this morning, and Bitcoin and Ethereum both flipped bearish alongside it. The standout number in the whole scan belongs to Wednesday's close, not today's — Rivian's Confidence Score hit 10, the highest we've recorded in this scan, paired with a 96% Institutional Convergence read; verify that's still live before acting, since it predates the overnight flip. The freshest setup tied to today's actual regime is Russell 2000's SD2L Extreme reclaim, carrying the strongest multi-timeframe confirmation (4F) of anything scanned this morning. The number to watch first: Russell holding above 2,996 — the level that confirms the oversold snapback is following through rather than fading back into DISTRIBUTION.
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