PPI joins CPI in the hot column, megacaps carry the tape, and the breadth question gets sharper. Welcome to the Market Pulse — the daily breakdown of what mattered in the tape, what Tydeflow detected, and what's worth watching next. WHERE THINGS STAND SPY is trading around $743, near the day's high after dipping as low as $735 this morning. The market is choppy — small intraday range masking real movement underneath. Breadth is weak again. Only 143 stocks in the S&P 500 advancing — about 28%. Yesterday's 22.8% advancing tape extended into today. Two straight sessions of narrow leadership while the index level hovers near records. WHAT JUST HIT Wholesale prices (PPI) jumped 1.4% in April — well above the 0.5% expected. Annualized that's nearly 6%, the biggest jump since 2022. This is now the second consecutive hot inflation print. Yesterday's CPI came in at 3.8% annual. Today's PPI confirms producer-level inflation is also accelerating, not just consumer prices. The Fed math has changed. CME FedWatch is now showing a 30% probability of a rate HIKE this year. Not a cut. A hike. That's a meaningful shift in what the market has been pricing. THE TAPE STORY What's interesting is HOW the market is absorbing the PPI shock. Despite hot inflation, megacap tech is rallying: → Nvidia, AMD, Apple, Tesla all higher on the day → Chip sector up 3% as a group → NVDA earnings on May 21 has analysts upgrading: BofA $320 target, Oppenheimer $265 → AMD's run is getting questioned (Daiwa downgraded to outperform from buy on valuation) The Mag 7 are doing all the work. Everything else is bleeding. Sector reads: → Communication Services: -1.2% → Consumer Staples: -1.0% → Utilities: leading losses → Energy: mixed, oil pulled back from yesterday's highs WHAT TYDEFLOW IS SHOWING Quiet day for ENTRY signals across most watchlists. That's the system working as designed. When breadth is this narrow and the tape is this choppy, flow detection requires multi-factor alignment that rarely exists.

HOW TO THINK ABOUT THIS MARKET For traders running Tydeflow's framework, market shifts are exactly when the system's structured signals matter most. OVERHEATED signals exist to flag price extension and mean-reversion risk. When they fire on positions you're already in, that's the indicator's structured profit-take cue — what action you take with that information is your own decision. The Signal P/L tracker exists to show you whether the indicator has been working in the current climate. If the number is positive, the system is reading the tape correctly. If it dips negative, that's information worth respecting. The WAIT state is doing real work in environments like today's. Tydeflow spends most of its time in WAIT because flow detection requires multi-factor alignment that rarely exists in choppy markets. WHAT I'M WATCHING Right now my only position is in $PANW. I’ll be watching the premarket for buying and see where $QQQ and $SPY are running. Could be another down day tomorrow so I’m setting stops and hoping for the best. I think it says a lot this name held up well today along with $CRWD. I like the cybersecurity play and it has certainly paired well with the recent tech run. Can it keep going is the more important question. This stock is strong right now. THE HONEST FRAMING Days like today are why I built Tydeflow with a Signal P/L tracker. When the indicator is cooking, the tracker shows it. When the regime shifts, the tracker shows that too. Most traders blow up in market transitions because they keep trading the previous run. The discipline is recognizing the shift through the data. This is observational commentary, not investment advice. Trading decisions are yours alone. — RTL

Not much action across the board, so not many entries being signaled. That does tell us a couple of good things when it comes to Tydeflow: ✅ Confluence layer is doing its job. ✅ Gap-down filter catching stocks. That’s exactly what we want on a day like this. We don’t want to be catching falling knives.

Today's market closed modestly higher with the S&P 500 and Russell 2000 setting fresh record highs. The Nasdaq held up despite some morning selling pressure, finishing in positive territory thanks to strength in semiconductors. THE TAPE TODAY SPY closed at $737.62, +0.83% — another all-time highQQQ closed around $712, fluctuating between $708.91 and $714.59. Russell 2000 set fresh record highs as well The story of the day was the chip sector quietly carrying the broader market. AMD finished +11.44% to $455.19 — institutional buying flowed hard into semiconductors despite ongoing geopolitical concerns around the Iran situation. Intel popped +5.7% on news of a preliminary deal to manufacture chips for Apple. Qualcomm jumped +9.5% in early trading after beating Q2 earnings and confirming data center chip shipments to a major hyperscaler. Oil prices rose again as the Iran conflict continues to drive volatility in energy markets. President Trump rejected Iran's latest proposal as "totally unacceptable," and Tehran warned UK and French warships in the Strait of Hormuz "will be met with a decisive response." Energy stocks moved on the headlines. WHAT TYDEFLOW CAUGHT XLE — HIGH CONVICTION Short-term ENTRY fired today. The energy ETF moved from the entry around $56 to $57.04 by mid-afternoon. Short-term tier means 1-3 day target hold — this is the kind of tactical signal Tydeflow is built to surface when institutional positioning aligns with a near-term catalyst. The Iran-driven energy bid was visible in the tape before the news cycle confirmed it. The semiconductor strength across AMD, Intel, and Qualcomm reflects continued institutional accumulation in the AI memory/chip supply chain — a theme that's been building since the HBM supply constraints became market consensus. THE BIGGER PICTURE A few signals worth flagging beneath the surface of new highs: The S&P 500 closed Friday 7.7% above its 50-day moving average, but only 52% of its components closed above their own 50-day moving

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