Moved from 2.1.10 0.72 ± 0.07 to 0.73 ± 0.07 - mean step of +0.01 as the first post-holiday cash close confirmed the melt-up at fresh records: S&P 500 7,519.12 (+0.61%) and Nasdaq Composite 26,656.18 (+1.19%) both intraday all-time highs, SPY +0.66%, QQQ +1.78%. The step is held to +0.01 because the Dow slipped 0.23% on breadth divergence, breadth stays concentrated in mega-cap AI (a fragility tell), VIX (plan-restricted on the feed) is nowhere near the < 15 melt-up-confirmation leg, and neither invalidation leg fired - with the 84%-beat-rate / 13.4%-margin earnings backdrop unchanged. Width held at 0.07. Beta(36.5, 13.5) ~50 effective observations, alpha nudged up on the confirming record close. April PCE tomorrow and the June 16-17 FOMC are the next tells.

The Monday cash session held up FAR better than the Monday-morning bearish framing implied. SPY closed 738.65 (-0.07% from Friday's 739.17), QQQ 705.88, Dow -0.34%, Nasdaq Composite -0.07%, VIX actually FELL to 18.43. The Tuesday cash session then closed lower for a THIRD consecutive day: SPX 7,353.61 (-0.67%), Nasdaq Composite 25,870.71 (-0.84%), SPY 733.73, QQQ 701.53; VIX closed 18.06 (+1.35%) - a volatility bid, reversing the morning's softening read. Wednesday pre-market futures have since recovered (ES +0.4%, NQ +0.8%, Dow +75 pts) ahead of the binary cluster, integrating the down days rather than cascading. The Friday tape (SPX 7,408.50 -1.24%, NVDA -4.4%, AMD -5.7%, INTC -8%) has not been re-tested. CME FedWatch hike-by-December holds the ~56% level. Q1 2026 earnings season closed at 84% beat rate, 27.7% blended EPS growth, blended net margin 13.4% (highest since FactSet began tracking in 2009). The invalidation grammar requires either a vol-expansion break (VIX > 25 with SPY breaking 50d MA for 5 trading days) or unimpeded melt-up confirmation (SPX > 7,300 with VIX < 15 for 5 trading days) - VIX at 18.06 sits squarely in the mid-zone (SPX 7,353 is above 7,300, but VIX is far from the <15 the melt-up-confirmation leg needs), neither has fired. Three binary tells land in the next ~30 hours Wed May 20 - Thu May 21: FOMC minutes (2 PM ET Wed), NVDA Q1 FY2027 (5 PM ET Wed), Walmart Q1 FY2027 (pre-open Thu, tariff-passthrough lens). Update May 20: the session rallied broadly - Nasdaq +1.54%, S&P +1.08%, Dow +1.31%, SPY 741.25 (+1.02%) - reversing the three down days, though the hawkish FOMC minutes and muted NVDA after-hours reaction temper the read into Thursday's Walmart print. Update May 21: the rally faded - Nasdaq 100 -0.6%, S&P 500 -0.3% into Thursday afternoon as yields rebounded and oil topped $100, the NVDA beat-and-raise was shrugged off, and Walmart fell ~7.6% on consumer-distress caution; the S&P is nearing overbought with breadth concentrated in mega-cap AI. Neither invalidation leg moved closer. Update May 22: the fade reversed - the Thursday cash session actually closed green (SPY 742.72 +0.20%, QQQ 714.51) and Friday stocks rebounded broadly to a fresh Dow record (S&P +0.55%, Nasdaq +0.53%, Russell 2000 +0.93%) on revived US-Iran peace hopes and easing yields; neither invalidation leg moved. Update May 25: the Friday cash closes confirmed the rebound - SPY 745.64 (+0.39%), QQQ 717.54 (+0.42%) - and over the holiday weekend (no Monday session) commentary framed the tape as a continued melt-up while flagging mega-cap-AI breadth concentration. Neither invalidation leg is closer: VIX is plan-restricted on the feed and nowhere near the <15 melt-up-confirmation leg, and there is no vol-expansion break. Update May 26: risk-on into the post-holiday reopen - S&P 500 futures +0.78%, Nasdaq-100 +1.14%, Dow futures +371 points on US-Iran deal optimism, extending the Friday Dow-record rebound - though the fresh US strikes on Iran are a two-sided risk; these are futures, not a close, and neither invalidation leg moved. Update May 27: the first post-holiday cash close confirmed the melt-up at fresh records - S&P 500 7,519.12 (+0.61%) and Nasdaq Composite 26,656.18 (+1.19%) both intraday all-time highs, SPY 750.59 (+0.66%), QQQ 730.28 (+1.78%) - led by tech on US-Iran deal optimism, while the Dow slipped 0.23% on breadth divergence; neither invalidation leg fired (no vol-expansion break; VIX, plan-restricted on the feed, nowhere near the <15 melt-up-confirmation leg).