SPY closed September 9 at 762.40 against 765.16 on September 2 - a decline of only 0.4% - while QQQ ROSE 1.0% to 716.31 from 709.24 over the same window. On September 10 both gave ground, SPY to 759.02 and QQQ to 710.71. Large-cap equity absorbed Brent above $100 and a 4.85% ten-year with minimal damage, which is the melt-up behaviour the thesis describes.