Sector rotation compresses quality stocks mechanically — not fundamentally. That creates the setups. The 200 EMA is where systematic buyers re-anchor. But the constraint: 200 EMA without a catalyst = trap. 200 EMA WITH an earnings catalyst = high-conviction entry. SPY is 4% below its 200 SMA. Five distribution days in 2 weeks. Watching XOM, PEP compressing. NFP Friday is the binary. Cash until then. — HMH