Which way the clusters are moving.

Software is the only large cluster with 1m momentum contributions well above 3m (ADBE 24.6 vs 5.5, ADSK 22.2 vs 2.1, HUBS 28.7 vs 6.1, WIX 31.4 vs -24.3, ACN 28.7 vs -6.2), with dated support: 'Adobe Stock Rises as Enterprise Software Sentiment Rebounds' (7/28), Guggenheim initiations on ADSK at $245 and GWRE at $180 (7/23), WDAY FedRAMP Moderate authorization (7/23), Citi raise on KVYO to $34 (7/24). Flips to MATURING if the 1m-over-3m spread compresses next week; the theme is broad and OOMA, DFIN and FSLY carry no company-specific headlines in this context.

Grouped on structure small clinical-stage names whose price is set by binary events with two 1m reversals off negative 3m bases (IVA -10.6 to 34.5, OMER -25.5 to 26.6) and two fresh initiations on TENX (Evercore ISI Outperform $39 on 7/22, Canaccord Buy $35 on 7/28). Evidence is thin: ATAI, MMED and IVA have no company-specific headlines in this context and OMER appears only in a 7/27 movers list, so this is a low-confidence read that fails if the 1m reversals do not extend.

New cluster where COTY (3m 15.4 to 1m 44.3) and ELF (Jefferies Buy raised to $100, 7/28) show genuine 1m acceleration and BRBR took two target raises (JPM to $17 on 7/28, Stifel to $15 on 7/22). UTZ is the second-highest score on the screen at 82.7 but that is deal-driven Intersnack Group agreed to buy it (7/24), with Piper Sandler cutting to Neutral while raising the target to $14.25 (7/23) so it is not evidence of a consumer bid. Drops to MATURING once UTZ's deal spread stops flattering the cluster and if COTY's 1m fades.

Measured: all four scored members flipped from deeply negative 3m contributions to positive 1m (MSTR -43.2 to 16.8, BMNR -19.0 to 28.7, SBET -10.9 to 33.1, DJT -1.6 to 32.0) a reversal off a washout, not a confirmed trend, and headlines are two-sided (Circle acquired IBM's blockchain patent portfolio 7/27-7/28; crypto 'plummeted' 7/28 then gained ahead of the Fed 7/29; Strategy paused bitcoin buying per 7/28 commentary). Invalidated if the Fed decision or the delayed CLARITY Act vote (7/28) sends 1m contributions back negative.

Guidance is moving, not just multiples: PYPL raised its outlook on a strong quarter and launched BNPL with Amazon in Germany and Austria (7/28); WEX raised FY2026 adj EPS guidance to $19.68-$20.08 from $18.95-$19.55 vs $19.31 est (7/22), with Mizuho at $200 and KBW at $210; 1m contributions exceed 3m at PYPL (32.1 vs 18.0), PAY (44.9 vs 22.4), BILL (32.0 vs 24.8) and WEX (31.4 vs 21.6). Invalidated if HOOD's Q2 print, previewed 7/28, or PYPL follow-through reverses that 1m-over-3m spread.

Proposed as a new id because the taxonomy has no insurance bucket: these are premium-underwriting and brokerage balance sheets, categorically distinct from crypto-exchanges-financials (no digital-asset exposure) and from fintech-consumer-credit (underwriting and commission income, not payment volume). Evidence: GSHD Q2 call 7/22 with UBS raising to $72 and RBC to $58 (7/23-7/27), SAFT rose over 37% after hours on 7/24 per Benzinga the driver is not in the provided context AMP Q2 adj EPS $11.07 vs $10.73 est on sales of $4.94B (7/23), and CBZ scores 47.4. LMND is carried from the watchlist with no headlines this week. Fails if the normalizer folds it away or if SAFT's move proves a one-off event rather than sector flow.

The only cluster with fresh upside headlines through the 7/27-7/28 semi drawdown: RGTI surged Monday alongside the HPE/Pittsburgh Supercomputing TangleLab testbed (7/27), IONQ soared Monday and cleared final regulatory approval for the SkyWater acquisition expected to close 7/31 (7/28), QBTS rallied on an AT&T deal then paused (7/28). None carries a momentum score, so this rests on headlines rather than measured flow; invalidated if the 7/31 close is followed by give-back and the group tracks the semi tape lower.

New cluster carrying the top 3m contributions on the whole screen (CRNX 117.3, MNPR 100.8, ETON 96.9, KNSA 80.8) with dated catalysts in the last week: MNPR began a rolling FDA NDA submission for ALXN1840 in Wilson disease (7/22, HC Wainwright Buy $125), KNSA beat on Q2 EPS $0.30 vs $0.27 and sales $243.6M vs $225.5M (7/28), Craig-Hallum raised ETON to $62 (7/28), and CRNX is the single highest-scoring name at 127.8 even as UBS downgraded it to Neutral while raising the target to $85 (7/28). Only CRNX shows 1m above 3m; the other three decelerated, so this drops to MATURING if their 1m contributions keep fading.

Order flow is intact KeyBanc initiated VRT at Overweight $360 (7/23), Texas A&M selected DELL to build an AI/HPC platform (7/24) but none scores on the screen and MOD has no headlines in this context. Only three qualifying names: the theme falls to SATURATED or DEAD if VRT's print, flagged 7/26 as a double-digit implied move, resets the group lower.

Policy-driven cluster of watchlist names with no momentum scores this week: Trump's further action on aluminum imports (7/20), a 7/28 critical-minerals policy piece naming UUUU, Needham lowering MP to $73 (7/22) and Argus lowering AA to $55 (7/22); ATI and CRS have no headlines here. UUUU is dual-listed with nuclear-uranium because it produces both uranium and rare earths. ACCELERATING only if a named contract or price move follows the policy headlines; otherwise this fades to DEAD.

Labor-linked and business-services names that still score (MAN 54.3, CBZ-adjacent TNET 36.6, WPP 32.0, KRT 30.3, TASK 32.2) but where 1m contributions sit far below 3m for MAN (54.1 vs 90.5) and TNET (37.2 vs 69.9), and the only company news is Truist holding TNET at $62 (7/22) and TASK appearing in a 7/23 pre-market decliners list. YSS is a watchlist name placed here solely on its 7/24 industrials whale-alert tag, with no company-specific evidence in this context. Low confidence; the cluster is a sector residual, not a narrative.

These four cluster by geography rather than by a shared catalyst only ATHM has news (a new $400M share repurchase program, 7/28) and IQ, UGP and KARO have no headlines in this context. Scores are mid-pack (ATHM 29.1, KARO 32.9, UGP 28.3, IQ 27.9) with 1m roughly in line with 3m. The sample is too small and too news-poor to call a rotation; it is DEAD or retired next week if no member produces a dated catalyst.

Fresh deployment news against weak price: Baidu-backed Apollo Go began London autonomous testing with Freenow by Lyft following Lyft and Uber deals (7/28-7/29), RIVN jumped on an upgrade to Overweight (7/27) though Cantor reiterated Neutral at $19 (7/28), while Gary Black warned TSLA could break below $300 as AI valuations compress (7/29). TSLA and BIDU are dual-listed with megacap-ai-platforms because the autonomy thesis is separable from the platform thesis. Only three qualifying names; DEAD if TSLA breaks $300 and RIVN gives back the 7/27 upgrade move.

Orders and deals still land AMSC won a $25M utility power-quality order (7/28), SPXC bought Neptronic for C$605M (7/23), Morgan Stanley initiated AEIS at Overweight $421 and Citi raised to $435 (7/22), JPM raised VMI to $620 (7/22) but the group left the leaderboard and VST targets moved both ways on 7/27-7/28 (UBS $227 and TD Cowen $222 lower, Morgan Stanley $212 higher). ACCELERATING again if these names re-score; SATURATED if utility PT cuts continue without new orders.

New cluster of device and life-science-tools names carried by 3m strength (TXG 107.5, CDNA 62.9, PLSE 55.6) where 1m contributions are positive but far below 3m for five of seven the move is largely behind them. Only ATRC has a dated fundamental catalyst: Q2 adj EPS $0.18 vs $0.00 est, sales $153.6M vs $151.8M est and raised FY2026 GAAP EPS guidance to $0.05-$0.13 (7/23), with UBS keeping Buy but lowering to $50 (7/28). ACCELERATING requires new prints confirming the tools recovery; SATURATED if 1m contributions keep converging toward zero.

Defined this week by a dated binary rather than flow: AMZN, AAPL, META and MSFT all report within 48 hours of 7/28, with one estimate of a $189B potential MSFT value swing, while UBS cut AMZN to $305 (7/28) and PLTR fell 7/28 on a quoted value score of 2.41 against growth near 98. Only AAPL scores (19.2). Resolution is mechanical the prints land 7/29-7/30 and either restore the AI-capex bid or confirm the 7/28 Nasdaq 100 correction.

Refiners hold some of the highest actual scores on the screen (PARR 47.2, PBF 42.4, DK 33.7, DINO 32.1) on hard fundamentals DINO Q2 adj EPS $5.31 vs $4.54 est, sales $10.39B vs $9.07B est, a lubricants spin-off plan and a 5% dividend increase to $0.525 (7/28); Goldman raised PARR to $92 (7/23) but crude swung from $100 (7/23) to an 8% crash on Iran de-escalation (7/27) and 1m contributions sit below 3m for DK, DINO, MPC. DEAD if cracks compress as OPEC+ pauses hikes after September (Reuters, 7/28) and refiner scores follow.

Six names still score (XNCR 30.3, ABVX 28.3, ORIC 24.9, ZBIO 23.8, VOR 20.1, ONC 17.5) but headline flow is thin only ONC has company news (JPM Overweight $425 and a $300M New Jersey manufacturing expansion taking US investment to $1B, 7/23) and ORIC appears solely in a 7/24 healthcare-movers list. ABVX and ORIC accelerated on 1m versus 3m while XNCR, ZBIO and VOR decelerated. Goes SATURATED if the group keeps scoring without new clinical or deal catalysts.

Narrative intact, flow moderating: a Space Force contract 'Fails to Halt Selloff' at RKLB (7/28) even as it rallied on execution versus SpaceX (7/27), Wells Fargo initiated FLY at Equal-Weight $25 (7/27), SPIR signed an 18-month SATE program (7/23), while SATL and SIDU news is CFO turnover (7/28, 7/24) and ASTS fell 7/23. No member scores on the screen; drops to SATURATED if contract wins keep failing to move price another week.

Contract flow continues Flow Traders named CoreWeave primary AI cloud (7/28), APLD beat on Q4 with Needham reiterating Buy at $83 (7/28), Chardan initiated WULF at Buy $32 (7/27) but the bid is thinning: 'CoreWeave Shares Fall 30% in a Month as AI Cloud Valuations Contract' (7/28), KBW cut WULF to $30 (7/28), and all five left the screen. Back to ACCELERATING if NBIS holds the $164 support cited 7/27 and the group re-rates on new capacity contracts; DEAD if CRWV extends below its month-ago range.

Sell-side is cutting into the story: Barclays lowered OKLO to $76 and SMR to $11 (7/23), CEG took four PT cuts on 7/27-7/28 (UBS $380, Barclays $324, TD Cowen $368, Wells Fargo $362), and OKLO was described as bouncing off its 52-week-low zone (7/27). New catalysts are confined to NNE (AFWERX SBIR Phase I for KRONOS MMR, 7/27; A-GP initiation Buy $46) and OKLO's Groves test-reactor startup authorization (7/23). DEAD if OKLO loses that 52-week low; ACCELERATING only if awards spread beyond NNE.

Fresh news is de-rating rather than expansion: 'ASML Stock Slides as China Mass-Produces Chip Tools' (7/27), B. Riley cut AXTI to $52 (7/28), AEHR filed an undisclosed-size shelf (7/27), and TSM's 7/28 item is post-earthquake safety confirmation at Kumamoto; none score on the screen. Moves to DEAD if ASML or TSM breaks the 7/28 selloff low; back to MATURING if Cadence's 'record backlog' (7/28) shows up in foundry capex commentary.