US stock market consolidation at highs as earnings enter the deep phase. Positioning has reset, leadership remains in technology, and broader participation is still forming — indicating dispersion rather than a market top.

The EGTB bottom signal remains active, but confirmation is still absent. Volatility has cooled without stabilizing, positioning has reset through capitulation, and credit continues to hold. This is not a reversal — it is a bottoming process still in progress.

Net liquidity improved due to fiscal flows, while underlying buffer depletion continues. Absorption is present but not expanding.