Sent 9/30/2026 · Public read after a 24-hour delay

market state changed: 5 to 4 | Sep 30

This public read omits positions, sizing and private email details. It is not a complete copy of the email.

Market state just moved from 5 to 4.

The last brief had market state at 5. Today's live read is 4.

That changes how much room the systems have for error. I'm following the live instructions and keeping the headlines in their place.

SPY: 766.78.

QQQ: 741.50.

VIX: 15.90.

Market State 4 of 9: Chop, neutral bias.