Distilled — Weekly Flow Board

The Environment current market backdrop

Credit Appetite

HYG / IEF

Flat

neutral · trend +0.5%

Growth vs Defensives

QQQ / XLP

Falling

risk-off · trend +0.0%

Discretionary vs Staples

XLY / XLP

Falling

risk-off · trend -3.6%

Equities vs Bonds

SPY / TLT

Falling

risk-off · trend +1.2%

Small-cap Participation

IWM / SPY

Rising

risk-on · trend +2.4%

US Dollar (UUP)

UUP

Rising

risk-off · trend +2.5%

Environment Neutral / Mixed — 1 risk-on / 4 risk-off / 1 neutral of six signals (persisted).

What Changed This Week 4 items

Rank Movers

XLP fell 6 positions in 4-wk flow rank (#2 → #8)

New Acceleration

XLB: first notable inflow after 4 quiet weeks ($+603.3M; +7.66% AUM)

XLU: first notable inflow after 4 quiet weeks ($+374.0M; +1.67% AUM)

Participation Narrowing

XLC: fresh Narrowing (was Stable last week)

The Sector Board flow ranks · everything else describes

		Ranked By	Describing That Leadership
	Sector	4-Wk Flow	Flow Acceleration	RS vs Market	Breadth
1	MaterialsXLB	+$470M+5.97% of AUM	+$603M	Lagging	Stable
2	Consumer DiscretionaryXLY	+$406M+1.79% of AUM	−$344M	Lagging	Stable
3	UtilitiesXLU	+$179M+0.80% of AUM	+$374M	Improving	Stable
4	Real EstateXLRE	+$3M+0.03% of AUM	−$89M	Improving	Stable
5	TechnologyXLK	−$176M-0.14% of AUM	−$329M	Leading	Stable
6	Health CareXLV	−$177M-0.47% of AUM	+$489M	Improving	Broadening
7	Communication ServicesXLC	−$186M-0.77% of AUM	−$89M	Lagging	Narrowing
8	Consumer StaplesXLP	−$347M-2.47% of AUM	−$655M	Improving	Stable
9	IndustrialsXLI	−$578M-1.90% of AUM	+$78M	Improving	Stable
10	EnergyXLE	−$1.5B-3.84% of AUM	−$26M	Lagging	Narrowing
11	FinancialsXLF	−$2.3B-4.86% of AUM	−$1.0B	Improving	Stable

Ranked by 4-week cumulative flow. The remaining columns describe the condition of that leadership — they do not affect rank. Click a sector for its industries. RORO does not rate, recommend, or predict.