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JPM holds +0.6 today with the 6 percent trail intact. Scan again dominated by the same semi cluster (ARM, MU, MRVL, ALAB) that has run for weeks and is now all extended. Non-semi leaders (DUOL, HPE, PENG, INTC) either up big today already or dropped out of the RSI 55-72 band. Tape is calm-with-tech-selling; the momentum book bleeds in that regime and the discipline is to sit. Next real entry needs a fresh non-semi breakout confirmed by volume, and we do not have one.

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