Macro Spotlight: Rotation Inside a Choppy Tape

The September 14 Strat.ai market data snapshot showed a mixed regime, not a clean directional tape. Broad equity ETFs were lower against a prior-close baseline, while leadership rotated toward communication services, selected technology groups, and defensives. Semiconductors were the main drag, keeping the growth read split rather than unified. Volatility stayed neutral for SPY and QQQ, but steep skew and a flat term structure kept the weather watchful. The calendar adds weight, with retail sales and the FOMC sequence due September 16.