-SPX-set-up

Reviewing the institutional tape on the broad index following the Friday close at 7354. The cash index completed a five-day distribution sequence, giving back nearly two percent on the week as capital systematically rotated out of mega-cap technology. Mechanically, the selling pressure was heavily accelerated by delta hedging adjustments in the chip and device sectors following recent price hike announcements from major hardware players. Despite the tech drag, underlying market breadth remained constructive on Friday as the deflating geopolitical risk premium in crude oil provided a significant cushion for the broader tape. We are keeping a close eye on buy-side absorption near the 7250 macro liquidity node to see if large desks step in to defend the structural base at the start of the new quarter.