Right now, it would be hard to claim that we are at a top. 2000 2007 Current Comments 1. Blow-off top ✓ ✓ X While there are pockets of the market like semiconductors that are stretched, the market is within a reasonable level above its 200-day moving average. 2. Heavy inflows into equity market funds ✓ ✓ X Flows into Equity ETFs reflect not only broad optimism but also a structural transition away from mutual funds. Trailing 12-month inflows are currently in the 69 th ...

... Positive ↑ / Negative ↓ Trend Signals MARKET CONTINUES TO VALIDATE OUR BULLISH AUSSIE DOLLAR CALL Strategas Technical & Macro Research 24 5/8/2026 AUDUSD 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals ✓ A$ confirming the strength among the Industrial metals with fresh highs of its own. URANIUM STOCKS LOOK READY TO GO AGAIN Strategas Technical & Macro Research 25 5/8/2026 Global X Uranium ETF: URA 50 & 200-Day MA URA Relative to S&P 500 ...

Lev Funds Net Positions Shorter Duration Futures OI 1M Tsy Futures OI Skews MOVE Index & Bond ETF Volatility Longer Duration Futures OI Tsy Net Issuance & RRF Operations Note/Bond Allotment + ... NEUTRAL 5/7/26 Please see the Appendix for important disclosures. BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Broad bond volatility has come in a bit and volatility on major ETFs remains around the midpoint of recent years. We're keeping this as long for now, ...

$0 $5,000 $10,000 $15,000 $20,000 Healthcare Staples Utilities Real Estate Discretionary Financials Materials Communications Energy Industrials Tech Sector ETF Flows ($MM) YTD Since Mar. '26 Low Strategas ETF Research See Appendix for Important Disclosures ETF Research Thursday, May 7, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com ENERGY ETF FOCUS... NOW WHAT? Be sure to look for Ryan Grabinski's Daily Macro Brief highlights on the Energy ...

... ROAD & RAIL BACK TO THE HIGHS Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 6 5/7/2026 S&P 1500 Road & Rail Industry 50 & 200-Day MA Road & Rail Relative to S&P 500 Positive / Negative Trend Signals ✓ Can they re-emerge as leaders? URANIUM STOCKS LOOK READY TO GO AGAIN Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 7 5/7/2026 Global X Uranium ETF: URA 50 & 200-Day MA URA Relative to S&P ...

S&P 500 Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 4/30/26 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, May 5, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com EVERYONE WANTS A PIECE OF SPACEX Here's what you should know from the ETF universe as May commences: 1) Near record intake for ETFs in April... March was restraint, April was re- engaging. ...

The S&P 500 has continued to catch up and now sits just 20 bps below the equal-weighted S&P 500 index year to date. ETF ... The MAGS ETF finished the week up a modest +0.45%. A key takeaway was that AI-related capex from hyperscalers continues ... high, while WTI moved back above $100. Notably, USO implied volatility was flat on the week even as the ETF rose +7.8%. ... of software names are also on deck (PLTR, APP, MSTR, FTNT, DDOG, and EA), and the IGV ETF could see elevated volatility. ...

... engineering, equipment, semis, metals, etc.)            FLOWS ONE RISK FOR INDUSTRIALS Strategas Technical & Macro Research 23 4/30/2026 Equal-Weight Industrials Sector ETF (RSPN) Relative Equal-Weight S&P 500 (RSP) 200-Day Average Industrials Sector ETF Flows Rolling 65-Day Sum, $ Bn +2 Standard Deviations -2 Standard Deviations Industrials still have a highly ranked leadership profile, but flows are a risk we'd consider as 2Q progresses. ...

... Profit margins also remain robust. Given current events, earnings expectations will be key as companies start reporting 1Q results. Sentiment Our sentiment inputs are not as supportive as 1 month ago, but they're not back into extreme territory either. Equity ETF inflows have surged since the late March low, option activity is skewing heavily towards calls, but survey data is still shy of prior highs. Technical Picture There are certainly some red lines for equities here, but ...

$0 $5,000 $10,000 $15,000 $20,000 Discretionary Communications Financials Staples Utilities Healthcare Real Estate Materials Energy Industrials Tech Sector ETF Flows ($MM) YTD '26 Since Mar. '26 Low Strategas ETF Research See Appendix for Important Disclosures ETF Research Thursday, April 30, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FLAGGING RISKS FOR THE INDUSTRIALS SECTOR Be sure to look for Ryan Grabinski's highlights on the ...