INSTAT C Global Macro and Cross-Asset Daily Market Pulse Report, February 12, 2026
Equities De-Risk as Bonds Bid, Volatility Spikes, and Cyclical Sectors Face Acute Liquidation — Dispersion Highlights Quality/Defensive Leadership and Fragile EM/Commodity Exposures
Processing Note: As INSTAT is a trend following system, it will fail to automatically adjust the report to reflect anomalous one-day results unless programmed to do so. As today the S&P 500 dropped -1.57% and the NASDAQ was down -2.04%, I decided to run the INSTAT C (Global Macro factors) report first and the INST B (NYSE/NASDAQ trading) second. Today (and for future), I inserted the following change in the AI prompt: “When the major indexes are down beyond a threshold (e.g., S&P ≤ -1% and/or Nasdaq ≤ -1.5%), the report’s global tone cannot be “Strongly Bullish,” and any slice strength must be labeled “defensive/relative strength” rather than “risk-on leadership.” This is the type of sophistication I will continuously build into my reports.
As a side-note, in the 1980’s the managing editor of the Financial Post interviewed me in my office regarding the technical analysis tool I had created. When I showed him on a monitor the importance of fast markets in determining signal accuracy he said he had never seen anything like that. My program simply changed the look-back period of the RSI technical indicator between RSI-5 and RSI-21 for individual instruments depending on the level of recent market volatility.
Executive Summary: Risk-Off Shock, Defensive Rotation, and Idiosyncratic Stress Dominate Cross-Asset Tape
Today’s session was defined by a clear risk-off/volatility-up regime, with the Nasdaq -2.04% and S&P 500 -1.57%. Bonds served as the cleanest defensive winner (TIP, IEI.O, BBBS.K at INSTAT 100), while volatility proxies (VIX, .VVIX) spiked sharply as hedge demand surged. Credit and high-beta equity exposures lagged, with high-yield ETFs (HYG, HYS) and cyclical sectors under pressure.
Within equities, dispersion was high: U.S. tech and growth bellwethers (DIS, NKE, MSFT.O, CSCO.O) saw sharp drawdowns, while defensives (WMT.O, MCD) and select non-U.S. benchmarks (KOSPI, SETI, EWK, EWY) showed relative strength. The Dow Transports slice experienced outright cyclical damage, with freight intermediaries (LSTR.O, CHRW.O, EXPD.K) posting extreme 1D/1W declines.
In commodities, liquidation pressures were evident in silver (AGQ, SLV) and cocoa (CC), while soybeans and live cattle held up idiosyncratically. FX remained orderly, with low-vol/defensive currencies (CHF, CNY, MYR) bid versus USD, and selective EM FX (IDR, TWD) softer.
Overall, today’s tape reflects capital rotation away from risk assets and into perceived ballast, with elevated cross-asset dispersion and a clear preference for quality, duration, and defensive positioning. Near-term tactical caution is warranted, though select contrarian watches (CH10YT=RR, HYG, GLD, EWJ, UAL.O) may offer rebound potential if volatility stabilizes.
R-01 – 10Y Treasury Yields
Today’s macro tape qualifies as a risk-off / volatility-up session, with the Nasdaq down about 2.04% and the S&P 500 down about 1.57%, so any “strength” inside the cross-asset complex should be framed as defensive/relative rather than risk-on confirmation. Within the 10Y yields slice, breadth skewed soft with negative mean 1D and 1W moves and depressed average INSTAT (about -29), consistent with a rates complex that is still in repair rather than trending cleanly in one direction.
Dispersion was high: some sovereign 10Y benchmarks showed sharp weekly moves even as the slice-level tone stayed weak, suggesting cross-country idiosyncrasies (local growth/inflation/risk premium) are dominating over a single global rates narrative. On a short-term basis, Norway 10-Year (NO10YT=RR) was the strongest by INSTAT (100) with a positive 1W profile, while Hong Kong 10-Year (HK10YT=RR) and Singapore 10-Year (SG10YT=RR) screened as the weakest (both INSTAT -100), reflecting the most persistent downside bias on the 1W/1M backdrop.
Clear leaders: Norway 10-Year (NO10YT=RR), Taiwan 10-Year (TW10YT=RR); relative strength on the week even as the broader yields slice stays choppy.
Clear laggards: Hong Kong 10-Year (HK10YT=RR), Singapore 10-Year (SG10YT=RR), China 10-Year (CN10YT=RR); weakest short-term profiles and lowest INSTATs.
Extended leaders
R-01 / Norway 10-Year (NO10YT=RR): Moderately bullish relative strength – INSTAT 100 with a positive 1W move; treat as defensive positioning rather than pro-risk signal.
Deep laggards
R-01 / Hong Kong 10-Year (HK10YT=RR): Strongly bearish – INSTAT -100 with weak 1W and weak 1M; ongoing short-term stress.
R-01 / Singapore 10-Year (SG10YT=RR): Strongly bearish – INSTAT -100 with negative 1D/1W and very weak 1M backdrop.
Potential contrarian ideas
R-01 / Switzerland 10-Year (CH10YT=RR): Contrarian watch – extreme 1D drop (-8.01%) against a very strong 1W rebound (+9.13%); volatility/whipsaw risk high, but the magnitude warrants tactical attention.
R-02 – Bond Market
Bonds were the cleanest “risk-off winner” today: slice means were positive on both 1D and 1W, with supportive AT/ST and a high average INSTAT (about +60), consistent with a defensive bid rather than speculative risk-taking. The 1M backdrop was roughly flat-to-slightly negative on average, so the near-term strength reads more like a short-term safety trade than a fully renewed trend.
Leadership clustered in higher-quality duration and inflation-protection exposures, which fits a regime where equities are being de-risked and capital rotates toward perceived ballast. iShares TIPS Bond ETF (TIP) and iShares 3–7 Year Treasury Bond ETF (IEI.O) both screened at INSTAT 100 with positive 1D/1W, while the weakest prints were concentrated in high-yield credit pockets and one notable outlier (EMBC.O) that is behaving like equity idiosyncratic stress inside a bond slice.
Clear leaders: TIP, IEI.O, BBBS.K; defensive leadership (rates-linked and higher-quality bond exposures) with strong INSTATs.
Clear laggards: EMBC.O, HYS, HYG; credit risk pockets lagging even as “core bond” tone is constructive.
Extended leaders
R-02 / iShares TIPS Bond ETF (TIP): Moderately bullish, defensive/relative strength – INSTAT 100 with positive 1D and 1W; watch for crowding if equity volatility persists.
R-02 / iShares 3–7 Year Treasury Bond ETF (IEI.O): Moderately bullish, defensive/relative strength – INSTAT 100 with steady 1D/1W gains.
Deep laggards
R-02 / Embecta Corp (EMBC.O): Strongly bearish – INSTAT -100 with very weak 1W (-4.49%) and very weak 1M (-21.01%); idiosyncratic stress stands out sharply in this slice.
R-02 / PIMCO 0–5 Year High Yield Corporate Bond ETF (HYS): Bearish/repair – INSTAT -82 with a weak 1M backdrop.
Potential contrarian ideas
R-02 / iShares iBoxx $ High Yield Corporate Bond ETF (HYG): Contrarian watch – INSTAT near flat (-4) with small positive 1W; if equities stabilize, HY could follow, but today’s message remains defensive-first.
R-03 – Credit Analysis
This slice is flashing “stress” rather than healthy credit appetite: the mean 1D move is positive largely because volatility proxies surged, while the mean 1W is slightly negative and dispersion is wide across credit/vol instruments. In macro terms, that’s consistent with equity de-risking and hedging demand dominating flows, not a clean tightening/relaxation cycle.
The leaders are explicitly fear gauges: VIX and VVIX both printed INSTAT 100 with large 1D spikes (VIX +18.02%, VVIX +10.14%), while their 1W moves remained negative—classic “shock move” behavior where vol jumps on the day even if it had been easing earlier in the week. On the lagging side, several high-yield sector/aggregate exposures screened poorly (e.g., XHYF.K at INSTAT -96), implying credit beta is not confirming a risk-on narrative.
Clear leaders: VIX, .VVIX; risk-off hedging leadership (volatility bid).
Clear laggards: XHYF.K, CDX, USHY.K; credit-risk proxies lagging (risk appetite not broad-based).
Extended leaders
R-03 / CBOE Volatility Index (VIX): Strongly bullish (stress-on), short-term extended – INSTAT 100 with a very large 1D spike; treat as “risk-off confirmation,” not bullish for risk assets.
R-03 / CBOE Vix Volatility (.VVIX): Strongly bullish (stress-on), short-term extended – INSTAT 100 with a major 1D surge; often a late-cycle hedge demand signal.
Deep laggards
R-03 / BondBloxx US High Yield Financial & REIT Sector ETF (XHYF.K): Strongly bearish – INSTAT -96 with soft 1D/1W and weak 1M backdrop.
R-03 / Simplify High Yield ETF (CDX): Bearish/repair – INSTAT -86 with a weak 1M context.
Potential contrarian ideas
R-03 / ICE BofAML MOVE (.MOVE): Contrarian watch – sharp 1D drop (-4.96%) even as equity vol spiked; if sustained, it can signal rates-vol is not reinforcing panic (but treat cautiously).
R-04 – Forex
FX was comparatively orderly: slice-level 1D was near flat on average, while 1W was positive and INSTAT modestly positive (~+18), implying currencies are not (yet) pricing a full-blown global funding squeeze. That said, leadership favored low-vol / managed or “stability” profiles versus USD (e.g., CHF, CNY, MYR), which is consistent with a mild risk-off lean.
Laggards included IDR and TWD versus USD on the day, which can be read as selective EM/Asia sensitivity rather than broad USD wrecking-ball dynamics. The 1M backdrop was positive on average, so the week’s FX tone still looks constructive in the background even as equities wobble.
Clear leaders: MYR/USD, CNY/USD, CHF/USD; relative “defensive” strength versus USD on 1W.
Clear laggards: IDR/USD, TWD/USD, HKD/USD; weaker short-term profiles versus USD.
Extended leaders
R-04 / MYR/USD: Moderately bullish (defensive/relative) – INSTAT 96 with positive 1D and 1W; indicates steadier EM FX versus USD.
Deep laggards
R-04 / IDR/USD: Bearish/repair – INSTAT -66 with weak 1D; watch for EM FX stress if equities continue to slide.
R-04 / TWD/USD: Bearish/repair – INSTAT -60 with weak 1D; noteworthy given tech-risk backdrop.
Potential contrarian ideas
R-04 / CHF/USD: Contrarian watch – strong INSTAT (73) with positive 1D/1W; if equity volatility persists, CHF strength may extend as a risk-off tell.
R-05 – Commodities
Commodities are not confirming a pro-cyclical narrative: slice means were negative on both 1D and 1W, with negative AT/ST and slightly negative average INSTAT (~-8), consistent with liquidation and de-risking. The 1M backdrop is also slightly negative on average, so the complex lacks a supportive medium-term tailwind into today’s shock.
The internal picture is fragmented: select ags (soybean complex) and livestock held up well, while precious/industrial complex elements (notably silver and some PGMs) were hit hard on the day. Cocoa also continued to unravel with a major 1W air-pocket, reinforcing the sense that “crowded” commodity themes are being unwound aggressively.
Clear leaders: ZL (US Soybean Oil), LCc1 (Live Cattle), ZS (US Soybeans); pro-risk within ags (idiosyncratic demand/supply), not a broad reflation signal.
Clear laggards: CC (US Cocoa), OJ (Orange Juice), SI (Silver Futures), PL (Platinum), PA (Palladium); liquidation / stress behavior.
Extended leaders
R-05 / US Soybean Oil Futures (ZL): Moderately bullish, short-term extended – INSTAT 100 with positive 1D/1W; strength looks idiosyncratic vs broader risk-off tape.
R-05 / Live Cattle Futures (LCc1): Moderately bullish, short-term extended – INSTAT 100 with positive 1D/1W; defensive/agri carry behavior.
Deep laggards
R-05 / US Cocoa Futures (CC): Strongly bearish – INSTAT -100 with a very weak 1W (-14.33%) extending a deeply negative 1M (-30.97%); sustained distribution.
R-05 / Orange Juice Futures (OJ): Strongly bearish – INSTAT -100 with an extreme 1D drop (-9.61%); volatility shock risk elevated.
R-05 / Natural Gas Futures (NG): Strongly bearish – INSTAT -93 with a large negative 1W (-8.58%) despite a positive 1D; failed repair attempt.
R-05 / Silver Futures (SI): Bearish/repair – large 1D drop (-10.49%); liquidation signal inside metals.
Potential contrarian ideas
R-05 / NG (Natural Gas): Contrarian watch – positive 1D (+1.55%) against deeply negative 1W/1M; tactical bounce possible, but trend is still damaged.
R-06 – Gold & Silver
This slice was a volatility event: the mean 1D move was deeply negative (about -8.23%) even as the mean 1W was positive (+3.03%), implying sharp liquidation today after a prior weekly bid. Importantly, INSTAT averages are negative (~-17) and AT/ST are heavily negative, so the “safe-haven” narrative is not behaving cleanly in the 1D window—this looks more like forced selling or volatility-driven de-leveraging (especially in silver).
Gold ETFs (GLD/IAU/BAR/SGOL.K/PHYS.K) were down ~3.4%–3.6% today but remained up ~2.1%–2.7% on the week, while silver vehicles were hit dramatically harder (AGQ -22.31% 1D; SLV/PSLV.K/SIVR.K roughly -11% to -12% 1D). The 1M context is negative for silver exposures (AGQ -45.40% 1M), so today reads as extension of a weak medium-term tape rather than a one-off dip.
Clear leaders: Gold ETFs (BAR, GLD, SGOL.K, IAU); “least-bad” defensive behavior (still down on the day).
Clear laggards: AGQ, SLV, PSLV.K, SIVR.K; acute stress/liquidation in silver beta.
Extended leaders
R-06 / None: No instrument meets the “extended leader” criteria today; the complex is dominated by downside volatility rather than upside extension.
Deep laggards
R-06 / ProShares Ultra Silver (AGQ): Strongly bearish – INSTAT -47 with an extreme 1D collapse (-22.31%) and deeply negative 1M (-45.40%); liquidation/air-pocket risk.
R-06 / iShares Silver Trust (SLV): Strongly bearish – INSTAT -32 with a very large 1D drop (-11.56%); silver stress dominates.
R-06 / Sprott Physical Silver Trust (PSLV.K): Strongly bearish – INSTAT -32 with a very large 1D drop (-11.75%).
Potential contrarian ideas
R-06 / GLD (and gold ETF complex): Contrarian watch – negative 1D (~-3.44%) but positive 1W (~+2.19%) and positive 1M (~+7.10%); pullback within a constructive background trend if equity stress persists.
R-07 – Exchange Indexes
Global equities were uneven: slice means show a small down day on average (-0.47% 1D) but a positive week (+1.95% 1W) with a constructive 1M backdrop (+2.89%), producing a Neutral/Mixed regime rather than a clean risk-on or risk-off read globally. However, US tech stress is visible inside this slice (NASDAQ Composite .IXIC -2.04% 1D), aligning with the broader “shock-day” framing and signaling that US-led de-risking is the dominant narrative even if some ex-US markets are holding up.
Leaders were concentrated in select non-US benchmarks with strong 1D/1W momentum (KOSPI, Thailand SET, Turkey BIST 100), while laggards included the Nasdaq and several higher-beta or fragile markets (Argentina’s S&P Merval and Canada’s TSX Venture). The dispersion itself is the message: global breadth is not uniformly breaking, but the US growth complex is dragging sentiment.
Clear leaders: KOSPI (.KS11), SET Index (.SETI), BIST 100 (.XU100); localized pro-risk strength, not broad global confirmation.
Clear laggards: NASDAQ Composite (.IXIC), S&P Merval (.MERV), S&P/TSX Venture (.SPCDNX); risk-off pressure and higher-beta stress.
Extended leaders
R-07 / KOSPI (.KS11): Moderately bullish (relative) – INSTAT 100 with strong 1D (+3.13%) and strong 1W (+6.95%); treat as ex-US resilience amid US-led drawdown.
R-07 / SET Index (.SETI): Moderately bullish (relative) – INSTAT 100 with strong 1W (+7.08%) and positive 1D.
Deep laggards
R-07 / NASDAQ Composite (.IXIC): Bearish/repair – INSTAT -62 with a large down day (-2.04%); consistent with “AI/growth” de-risking.
R-07 / S&P Merval (.MERV): Strongly bearish – large 1D drop (-5.50%) with negative 1W and negative 1M; high-beta stress.
R-07 / S&P/TSX Venture (.SPCDNX): Bearish/repair – large 1D drop (-5.07%) with weak 1M; speculative risk being pulled back.
Potential contrarian ideas
R-07 / Nikkei 225 (JP225): Contrarian watch – flat 1D but strong 1W (+7.10%) and positive 1M; if US pressure eases, Japan’s momentum could reassert.
R-08 – Country ETFs
Country ETFs reflect a “risk-off US / mixed rest-of-world” regime: the slice mean was down meaningfully today (-1.39% 1D) but up on the week (+2.21% 1W) with a strong 1M backdrop (+4.43%), leaving a Neutral/Mixed read with a clear shock-day overlay. This pattern is consistent with investors de-risking today while still sitting on gains accumulated earlier in the month.
Leadership clustered in select developed markets (Belgium EWK, South Korea EWY, Australia EWA) with strong 1W and constructive 1M trends, while laggards were concentrated in higher-risk EM exposures and closed-end structures (IFN, EIDO.K, ARGT.K). The dispersion argues for country selectivity rather than a single global beta view.
Clear leaders: EWK, EWY, EWA; relative strength (positive 1W/1M) despite today’s broader risk-off tone.
Clear laggards: IFN, EIDO.K, ARGT.K; EM/fragile beta under stress.
Extended leaders
R-08 / iShares MSCI Belgium ETF (EWK): Moderately bullish (relative), short-term extended – INSTAT 92 with positive 1D and positive 1W; defensive developed-market bid.
Deep laggards
R-08 / India Closed Fund (IFN): Strongly bearish – INSTAT -85; weak short-term profile despite flat background.
R-08 / iShares MSCI Indonesia ETF (EIDO.K): Strongly bearish – INSTAT -78 with negative 1M context; EM sensitivity.
R-08 / Global X MSCI Argentina ETF (ARGT.K): Bearish/repair – 1D -4.52% with negative 1W/1M; volatility-prone market stress.
Potential contrarian ideas
R-08 / iShares MSCI South Africa ETF (EZA): Contrarian watch – sharp 1D drop (-3.11%) but positive 1W (+3.56%) and modestly positive 1M; tactical pullback in a stabilizing tape.
R-08 / iShares MSCI Japan ETF (EWJ): Contrarian watch – strong 1W (+8.44%) with only mild 1D softening; potential continuation if global risk steadies.
R-09 – DJIA Dow Industrials
Dow bellwethers are in a repair regime: the slice mean was down on the day (-1.17% 1D) with only a small positive week (+0.44% 1W) and low average INSTAT (~+9.8), which is inconsistent with a healthy risk-on tape. Dispersion is very high, with defensives/consumer staples holding up while tech and media-related bellwethers are taking large air-pockets.
Leaders were defensive “winners” that fit the shock-day narrative: Walmart (WMT.O) rose +3.78% today and +5.28% on the week (INSTAT 99), and McDonald’s (MCD) printed INSTAT 100 with positive 1D/1W. Laggards included Disney (DIS -5.31% 1D, INSTAT -100) and several tech-linked names, while Cisco (CSCO.O -12.32% 1D) and Apple (AAPL.O -5.03% 1D) represent the type of single-name downside acceleration that forces your narrative to lean heavily on 1D realism.
Clear leaders: WMT.O, MCD, SHW; defensive/quality leadership (relative strength) during a down tape.
Clear laggards: DIS, NKE, MSFT.O; growth/consumer discretionary stress and distribution.
Extended leaders
R-09 / Walmart Inc (WMT.O): Moderately bullish (defensive/relative), short-term extended – INSTAT 99 with strong 1D (+3.78%) and strong 1W (+5.28%); treat as capital hiding, not cyclical risk-on.
R-09 / McDonald’s (MCD): Moderately bullish (defensive/relative) – INSTAT 100 with positive 1D/1W; classic “quality/defensive” bid.
Deep laggards
R-09 / Walt Disney Company (DIS): Strongly bearish – INSTAT -100 with a large 1D drop (-5.31%) and negative 1M; ongoing distribution.
R-09 / Nike (NKE): Strongly bearish – INSTAT -100 with weak 1D/1W and weak 1M backdrop.
R-09 / Microsoft (MSFT.O): Strongly bearish (breadth/score) – INSTAT -98 with a deeply negative 1M (-14.62%) despite a slightly positive 1W; fragile repair attempt.
R-09 / Cisco Systems (CSCO.O): Strongly bearish – extreme downside acceleration with 1D -12.32% and 1W -8.94%; air-pocket risk.
R-09 / IBM: Strongly bearish – 1W -10.48% with a large 1D drop (-4.88%) and weak 1M; sustained distribution.
Potential contrarian ideas
R-09 / Goldman Sachs (GS): Contrarian watch – sharp 1D drawdown (-4.25%) but positive 1W (+1.58%); tactical rebound possible if financial conditions don’t deteriorate further.
R-10 – DJTA Dow Transports
Transports are the clearest cyclical “damage” slice today: mean 1D was very weak (-3.86%) and mean 1W was also negative (-2.50%), with average INSTAT near zero (~+1.8), which is decisively Bearish/Repair. The 1M backdrop is positive on average (+4.08%), so this is best read as a sharp downside inflection (or at minimum a violent interruption) against an otherwise constructive monthly trend.
The selloff is concentrated in logistics and freight intermediaries—Landstar (LSTR.O) and CH Robinson (CHRW.O) both posted catastrophic 1D and 1W declines (roughly -13% to -16% on both horizons), indicating a severe short-term demand/earnings shock or narrative reset in freight. The relative “leaders” (FDX, UNP, NSC) are mostly just less-bad, with only FedEx (FDX) showing a positive 1D (+0.63%) and a strong INSTAT (87), which should be framed as relative resilience rather than cyclical confirmation.
Clear leaders: FDX, UNP, NSC; relative strength inside a broken cyclical slice (not risk-on).
Clear laggards: LSTR.O, CHRW.O, EXPD.K, ODFL.O; freight/logistics capitulation with large 1D and 1W air-pockets.
Extended leaders
R-10 / FedEx (FDX): Moderately bullish (relative/defensive within cyclicals) – INSTAT 87 with positive 1D and positive 1W; treat as “best house in a bad neighborhood.”
Deep laggards
R-10 / Landstar System (LSTR.O): Strongly bearish – extreme 1D (-15.60%) and extreme 1W (-14.89%) with negative 1M; capitulation-style distribution.
R-10 / CH Robinson (CHRW.O): Strongly bearish – extreme 1D (-14.54%) and extreme 1W (-15.02%); severe air-pocket.
R-10 / Expeditors Intl (EXPD.K): Strongly bearish – extreme 1D (-13.19%) and extreme 1W (-14.20%) with very weak 1M; trend break.
R-10 / Old Dominion Freight Line (ODFL.O): Bearish/repair – 1W -8.23% with negative 1D; ongoing distribution.
Potential contrarian ideas
R-10 / United Airlines (UAL.O): Contrarian watch – negative 1D (-4.04%) but positive 1W (+3.06%); tactical bounce possible if risk stabilizes, but keep it labeled high beta.
“Repair Phase” Explained
In the context of the INSTAT capital flow reports, a “Repair Phase” is a transitional market condition that occurs immediately following a significant drawdown or structural breakdown.
It represents the period where the “bleeding stops”—selling pressure exhausts itself, and an asset begins to stabilize—but has not yet established a confirmed new uptrend.
Key Characteristics
Price Action Stabilization: The asset stops making lower lows and begins to trade sideways or drift slightly higher. It is effectively trying to build a “floor” or base after a sharp decline.
Technical Reclamation: The price attempts to reclaim short-term moving averages (such as the 10-day or 20-day EMA) that were lost during the sell-off.
Internal Divergence (INSTAT context): In my reporting framework, a Repair Phase is often flagged when price is still flat or slightly negative, but internal scores (IN/INSTAT) begin to rise off depressed levels (e.g., moving from -100 toward -50). This indicates that breadth is improving and aggressive distribution has ceased, even if the headline price hasn’t surged yet.
Psychology: It marks the shift from “Panic/Liquidation” to “Tentative Holding/Accumulation.” Investors stop selling into strength and start holding positions, reducing volatility.
Distinction from “Recovery” or “Bullish Trend”
Repair: The chart is “fixing” the damage. Resistance levels overhead (supply) are still formidable. The goal is stability.
Recovery/Trend: The chart has fixed the damage and is now making higher highs with momentum. The goal is appreciation.
Example in the INSTAT Reporting
If a stock drops 15% in a month (Bearish), then spends the next week trading flat with low volatility, it has entered a Repair Phase. It is no longer “crashing,” but it is not yet “rallying.”
(Note: In options trading, “Stock Repair” refers specifically to a ratio spread strategy used to lower the breakeven price of a losing position, but in my narrative reports, it strictly refers to the technical stabilization described above.)