Market experiencing whipsaw price action due to uncertainty around Iran, war duration, oil prices, and infrastructure. Notes private credit weakness, jobs weakness, inflation uptick. S&P 500 4% below highs with VIX at 24 shows resilience and underlying bid from AI/growth fundamentals and good earnings.

Philadelphia Semiconductor Index had bifurcation with software, looked vulnerable. Semis are safe AI infrastructure play; money returned to semis yesterday is good sign for AI trade. Software had 8-10% mean reversion bounce but remains question mark for AI disruption.

Technically challenged: Russell, Dow, S&P 500, Nasdaq broke below 100-day SMA after sideways consolidation. Midterm year, not uncommon to get 10% correction.