Market Takeaway
The semiconductor complex gave back 11% in two sessions while the index barely moved. That is rotation, not risk-off: trade the dealer map, not the narrative.
- Bias: Range bullish against the 740 put wall
- Key level: SPY 740 wall / 745 pin
- Invalidation: Daily close below 735
- Focus: Rotation longs (financials, healthcare, utilities) and cheap duration