US cash equity markets are closed for Memorial Day. Index CFDs are still printing. The regime has turned: Composite jumps from +1/9 on May 15 to +5/9 today, Transition ↑ Improving — INFLATIONARY PUMP confirmed. Equities and risk assets are running while bonds stay bearish. Within crypto, the framework is split down the middle — BTC and DOGE carrying bullish Dev Filter OPEN readings, while ETH, SOL, AVAX, and SUI are bearish or show zero confirmation. That divergence inside a pump regime is worth watching closely. Gold, while not the brief's primary focus today, is generating the session's most exceptional framework reading by a wide margin: Conf 9 confirmed across four timeframes simultaneously with volatility near maximum compression. The setup will be ready when US markets reopen tomorrow.
INFLATIONARY PUMP at Composite +5/9, Transition ↑ Improving — equities and risk assets running, bonds bearish, hard assets selectively bid. This is a meaningful upgrade from the May 15 session (+1/9 Deteriorating), confirming the April recovery has structural institutional support. US cash markets are closed today (Memorial Day), which compresses liquidity across index CFDs and keeps crypto as the primary active trading environment. The split inside the crypto layer is the session's key signal: BTC and DOGE carry bullish Dev Filters open, while ETH, SOL, AVAX, and SUI are all bearish — four instruments going the wrong way inside an Inflationary Pump. When a regime-wide pump is running and half the risk layer is still bearish, the divergence either resolves upward (laggards catch up) or the pump is thinner than the headline suggests. The number to watch: DOGE convergence at ACTIVE 80% with Dev Filter OPEN at +0.97% — the cleanest active signal in the entire crypto set today.
The regime upgrade from +1/9 Deteriorating (May 15) to +5/9 Improving (May 25) is the most significant change in today's data. Composite +5/9 means five of the nine possible Cantillon layers are actively confirming the current regime — that's a framework-wide green light, not a tentative read. The Macro Bonus of +1 across virtually every instrument confirms the aggregate macro picture is additive rather than subtracting from setup quality.
The bond-equity correlation (Bd-Eq Corr) reading is still showing STRESS RECOVERY — 0.99 across crypto instruments and 0.79 across indices. A value near 1.0 means bonds and equities are moving in the same direction, which is historically unusual and is associated with post-crisis recovery phases. This typically resolves over weeks as one asset class reasserts its traditional inverse relationship with the other. Until it resolves, the INFLATIONARY PUMP label is appropriate: both bonds and equities are moving together, with risk assets participating.
VIX at 17 (Low Fear Layer 1+) is consistent with a market that has re-priced risk downward from the April stress peak. Low Fear with ↑ Improving Transition and Composite +5/9 is one of the stronger setup environments in the IVT framework — this combination historically supports continuation and clean Dev Filter entries.
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