Signal & Noise: Weekly Signal Report - June 23 2026
A weekly review of market regime, leadership, and which names are passing our screening process.
Issue No. 5 · Tuesday · June 23, 2026
What’s Inside:
At a Glance - A “weight of the evidence” look at the current market environment, as well as my Regime map.
The Call - A deeper dive into the “weight of the evidence.”
Under the Hood - Current market internals, sector breadth, and intermarket analysis.
Sector Watch - Which sectors pass/fail the screening process.
Current Screen - Which stocks pass the screening process.
What I Am Watching - Stocks I am watching that are approaching a passing grade in the screening process. Plus, what changed from last week.
At a Glance
Market regime: Cautious
The Call
Cautious - The relative rotation graph (RRG) for the broader market indices shows continued rotation in favor of small and mid-caps.
During the recent volatility, the small and mid-cap areas of the market held up much better than their large-cap counterparts.
The S&P 500 has yet to recapture its previous highs:
While small and mid-caps show improving relative strength vs the S&P 500 index, as they continue to rise to new highs:
The strength this past week tells the story for June. Industrials, Financials, and Utilities have led, while year-to-date leaders, Tech and Energy, have taken a pause:
However, taking a closer look at the rotation of the individual sectors within the S&P 500, we can see a rotation back into Tech (led by Semiconductors) is just beginning:
Market watchers will be paying close attention to some key events this week that can affect this rotation:
Micron (MU) releases Q3 earnings on Wednesday.
Nvidia (NVDA) annual shareholder meeting takes place on Wednesday.
PCE inflation data is released. (Watch for volatility as this is the first inflation data point after the FOMC released a more hawkish tone under the leadership of new Fed Chair Kevin Warsh.)
Under The Hood
