The April 2026 Equity Regime stock market monthly report examines the transition from liquidity redistribution to a reserve adequacy phase, alongside volatility compression, stable credit conditions, and a market structure under test rather than breakdown.

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.