Coiled spring cluster into Q2 close — PLUG at VWAP, QBTS on Conf 12, breadth in recovery.

EARLY CYCLE — bonds and equities are aligned, risk assets are not yet confirmed. The framework's bond-equity correlation sits in stress recovery (0.46), meaning the market is transitioning away from a stressed correlation environment toward broader participation, but hasn't crossed into full risk-on. Breadth is cooperating (+6/8, trend +2, %>50MA at 63.5%), which tells you the recovery is broad rather than index-concentrated. Two COILED SPRING setups are active in single stocks — PLUG and QBTS — and the Russell 2000 is compressing with 4-frame institutional confirmation, the most timeframe-conviction reading in the index scan. The number to watch at the open: PLUG's VWAP anchor at ~$2.57. If it holds through the first 30 minutes, the spring is still loaded.

• TODAY — Q2 Close: Quarter-end rebalancing typically amplifies moves already in motion. BRK.B (Building 91%) and BKNG (Building 73%) may benefit from institutional window dressing into close. PLUG and QBTS — being high-volatility names — may see exaggerated intraday swings, which is why the VWAP anchor matters: it filters noise from signal.
• BREADTH RECOVERY context: The McClellan Oscillator sits at −30.5, but the Summation Index is +13,488 and rising. That divergence is the classic setup for a breadth-led equity advance — oscillator lags, summation leads. The %>50MA at 63.5% means the majority of stocks are already structurally positioned above their short-term averages.
• BTC — COILED but BEARISH: Bitcoin is at maximum compression (COILED 91%, Conf 7 across 3 frames) but the bias is bearish and it's -5.8% below VWAP with a failed Dev Filter. That's a risk-layer read: until crypto confirms, Layer 3 stays off and the Composite stays capped at +3/9. A BTC break above $62,000 changes the regime read quickly.
• NAS100 divergence: The Nasdaq 100 is the only major index showing BEARISH bias (Conf 5, 1F) — sitting at flat VWAP (0% deviation) with Dev Filter PASS. This is a compression point, not a directional call, but it's worth noting that NAS100 is the weakest of the three major equity indices today. If NAS100 breaks lower at the open, reassess the equity layer read.