Terminal

The Tally 91 of 212

resolved directional reads aligned with what followed, 21 sessions

  • 92 invalidated
  • 29 unresolved
  • 17 open

Regime reads 33 of 48 Radar confirmation 132 of 191 flagged contracts, last 20 sessions

565 observations recorded, not scored

Scored after each window closes. As of Friday 2 October 2026. Every scored read →

One index, nine public inputs, scored again every close.

The Terminal is the reading surface: the Market Pulse Index, the inputs it is built from, the regime published each session, and the stamp on every one of them.

At the last close

The Market Pulse Index closed at 66 in a Bull · early regime. SPY 767.81, VIX 14.21, VIX3M 17.61.

As of 23 Sep 2026

The index since 8 May 2026

Market Pulse Index history Market Pulse Index by session, 8 May 2026 to 22 Sep 2026, 93 published sessions. Range 51 to 74. Background bands are the regime published that day. The same values are in the table below. 050100 66MayJunJulAugSep
93 published sessions, latest reading 66 in a Bull · early regime. The published 85% band, 61 to 71, applies to the current session only.
Market Pulse Index by session
SessionMPIPublished regime
8 May 202659Bull · early
9 May 202668Bull · early
11 May 202664Bull · early
12 May 202664Bull · early
13 May 202663Bull · early
14 May 202665Bull · early
15 May 202659Bull · early
16 May 202657Bull · early
18 May 202663Bull · early
19 May 202663Bull · early
20 May 202660Bull · early
21 May 202657Bull · early
23 May 202665Bull · early
26 May 202665Bull · early
27 May 202666Bull · early
28 May 202670Bull
1 Jun 202670Bull
2 Jun 202669Bull · early
3 Jun 202668Bull · early
4 Jun 202669Bull · early
5 Jun 202656Bull · early
8 Jun 202659Bull · early
9 Jun 202657Bull · early
10 Jun 202655Bull · early
12 Jun 202662Bull · early
15 Jun 202666Bull · early
16 Jun 202665Bull · early
18 Jun 202663Bull · early
22 Jun 202660Bull · early
23 Jun 202655Bull · early
24 Jun 202655Bull · early
25 Jun 202654Neutral
26 Jun 202654Neutral
29 Jun 202657Bull · early
30 Jun 202661Bull · early
1 Jul 202662Bull · early
2 Jul 202661Bull · early
6 Jul 202665Bull · early
7 Jul 202663Bull · early
8 Jul 202660Bull · early
9 Jul 202665Bull · early
10 Jul 202667Bull · early
13 Jul 202660Neutral
14 Jul 202662Neutral
15 Jul 202666Bull · early
16 Jul 202662Bull · early
17 Jul 202658Bull · early
20 Jul 202658Neutral
21 Jul 202661Neutral
22 Jul 202660Neutral
23 Jul 202655Neutral
24 Jul 202655Neutral
27 Jul 202655Bull · early
28 Jul 202655Bull · early
29 Jul 202651Bull · early
30 Jul 202659Bull · early
31 Jul 202665Bull · early
3 Aug 202668Neutral
4 Aug 202669Neutral
5 Aug 202671Neutral
6 Aug 202672Bull
7 Aug 202674Bull
10 Aug 202673Bull
11 Aug 202673Bull
12 Aug 202673Bull
13 Aug 202673Bull
14 Aug 202673Bull
17 Aug 202671Bull
18 Aug 202668Bull · early
19 Aug 202671Bull
20 Aug 202668Bull · early
21 Aug 202672Bull
24 Aug 202669Bull · early
25 Aug 202671Bull
26 Aug 202670Bull
27 Aug 202671Bull
28 Aug 202671Bull
31 Aug 202669Neutral
1 Sep 202662Neutral
2 Sep 202665Bull · early
3 Sep 202668Bull · early
4 Sep 202667Bull · early
8 Sep 202665Bull · early
9 Sep 202662Bull · early
10 Sep 202658Bull · early
11 Sep 202664Bull · early
14 Sep 202660Neutral
15 Sep 202659Neutral
16 Sep 202656Neutral
17 Sep 202662Neutral
18 Sep 202663Neutral
21 Sep 202665Bull · early
22 Sep 202666Bull · early

How to read this chart

The index runs from 0 to 100. The band shown at the endpoint is the published confidence interval for the current session. History rows carry no per-session band, so none is drawn across the series rather than one being invented.

The shaded colour behind the line is the regime published on that day, never a later re-labelling. Nothing in this series is recomputed with hindsight.

Read the method →

Every regime published since 8 May 2026

Regime ribbonPublished regime for each of 93 sessions, 8 May 2026 to 22 Sep 2026: 74 bull, 19 neutral. The same values are in the Market Pulse Index history table.8 May 2026, Bull · early, index 599 May 2026, Bull · early, index 6811 May 2026, Bull · early, index 6412 May 2026, Bull · early, index 6413 May 2026, Bull · early, index 6314 May 2026, Bull · early, index 6515 May 2026, Bull · early, index 5916 May 2026, Bull · early, index 5718 May 2026, Bull · early, index 6319 May 2026, Bull · early, index 6320 May 2026, Bull · early, index 6021 May 2026, Bull · early, index 5723 May 2026, Bull · early, index 6526 May 2026, Bull · early, index 6527 May 2026, Bull · early, index 6628 May 2026, Bull, index 701 Jun 2026, Bull, index 702 Jun 2026, Bull · early, index 693 Jun 2026, Bull · early, index 684 Jun 2026, Bull · early, index 695 Jun 2026, Bull · early, index 568 Jun 2026, Bull · early, index 599 Jun 2026, Bull · early, index 5710 Jun 2026, Bull · early, index 5512 Jun 2026, Bull · early, index 6215 Jun 2026, Bull · early, index 6616 Jun 2026, Bull · early, index 6518 Jun 2026, Bull · early, index 6322 Jun 2026, Bull · early, index 6023 Jun 2026, Bull · early, index 5524 Jun 2026, Bull · early, index 5525 Jun 2026, Neutral, index 5426 Jun 2026, Neutral, index 5429 Jun 2026, Bull · early, index 5730 Jun 2026, Bull · early, index 611 Jul 2026, Bull · early, index 622 Jul 2026, Bull · early, index 616 Jul 2026, Bull · early, index 657 Jul 2026, Bull · early, index 638 Jul 2026, Bull · early, index 609 Jul 2026, Bull · early, index 6510 Jul 2026, Bull · early, index 6713 Jul 2026, Neutral, index 6014 Jul 2026, Neutral, index 6215 Jul 2026, Bull · early, index 6616 Jul 2026, Bull · early, index 6217 Jul 2026, Bull · early, index 5820 Jul 2026, Neutral, index 5821 Jul 2026, Neutral, index 6122 Jul 2026, Neutral, index 6023 Jul 2026, Neutral, index 5524 Jul 2026, Neutral, index 5527 Jul 2026, Bull · early, index 5528 Jul 2026, Bull · early, index 5529 Jul 2026, Bull · early, index 5130 Jul 2026, Bull · early, index 5931 Jul 2026, Bull · early, index 653 Aug 2026, Neutral, index 684 Aug 2026, Neutral, index 695 Aug 2026, Neutral, index 716 Aug 2026, Bull, index 727 Aug 2026, Bull, index 7410 Aug 2026, Bull, index 7311 Aug 2026, Bull, index 7312 Aug 2026, Bull, index 7313 Aug 2026, Bull, index 7314 Aug 2026, Bull, index 7317 Aug 2026, Bull, index 7118 Aug 2026, Bull · early, index 6819 Aug 2026, Bull, index 7120 Aug 2026, Bull · early, index 6821 Aug 2026, Bull, index 7224 Aug 2026, Bull · early, index 6925 Aug 2026, Bull, index 7126 Aug 2026, Bull, index 7027 Aug 2026, Bull, index 7128 Aug 2026, Bull, index 7131 Aug 2026, Neutral, index 691 Sep 2026, Neutral, index 622 Sep 2026, Bull · early, index 653 Sep 2026, Bull · early, index 684 Sep 2026, Bull · early, index 678 Sep 2026, Bull · early, index 659 Sep 2026, Bull · early, index 6210 Sep 2026, Bull · early, index 5811 Sep 2026, Bull · early, index 6414 Sep 2026, Neutral, index 6015 Sep 2026, Neutral, index 5916 Sep 2026, Neutral, index 5617 Sep 2026, Neutral, index 6218 Sep 2026, Neutral, index 6321 Sep 2026, Bull · early, index 6522 Sep 2026, Bull · early, index 66
MayJunJulAugSep
Bull, 74 sessionsNeutral, 19Crisis, 0

One cell per published session, coloured by the regime published that day.

The nine inputs

What each input reads today, and where it sits on its own 0 to 100 scale. Sub-scores are published; the weights that combine them are not.

The nine public inputs and their published sub-scores, as of 23 Sep 2026
InputSub-scoreLevelWhat it reads
Trend76.9SPY 767.81, with its 50-day average at 760.91 and its 200-day at 717.61.
Breadth52.0Cyclicals over defensives at 1.3677, the 73.4th percentile of the past year.
Volatility89.6VIX 14.21 against VIX3M 17.61. The term structure is in contango.
Yield curve60.4Ten-year less two-year at 0.26%, with the ten-year at 4.96% and the two-year at 4.71%.
Credit87.8High-yield spreads at 2.68% and investment-grade at 0.77%.
Sentiment34.7The CNN Fear & Greed reading is 34.7.
Rotation85.7Utilities over discretionary at 0.3592, the 14.3th percentile of the past year.
Currency30.6UUP at 28.65 against a 50-day average of 28.212, a difference of 1.551%.
Liquidity55.0M2 at 23342.8, used here as a trend proxy.

Column headings sort the table when scripting is available. With scripting off the table stays in its published order.

Every plotted session

The complete series behind the chart above, one row per session, with nothing paginated away.

Every plotted session: date, Market Pulse Index, session-over-session change, and the regime published that day
SessionIndexChangePublished regime
8 May 202659n/aBull · early
9 May 202668+9Bull · early
11 May 202664-4Bull · early
12 May 202664+0Bull · early
13 May 202663-1Bull · early
14 May 202665+2Bull · early
15 May 202659-6Bull · early
16 May 202657-2Bull · early
18 May 202663+6Bull · early
19 May 202663+0Bull · early
20 May 202660-3Bull · early
21 May 202657-3Bull · early
23 May 202665+8Bull · early
26 May 202665+0Bull · early
27 May 202666+1Bull · early
28 May 202670+4Bull
1 Jun 202670+0Bull
2 Jun 202669-1Bull · early
3 Jun 202668-1Bull · early
4 Jun 202669+1Bull · early
5 Jun 202656-13Bull · early
8 Jun 202659+3Bull · early
9 Jun 202657-2Bull · early
10 Jun 202655-2Bull · early
12 Jun 202662+7Bull · early
15 Jun 202666+4Bull · early
16 Jun 202665-1Bull · early
18 Jun 202663-2Bull · early
22 Jun 202660-3Bull · early
23 Jun 202655-5Bull · early
24 Jun 202655+0Bull · early
25 Jun 202654-1Neutral
26 Jun 202654+0Neutral
29 Jun 202657+3Bull · early
30 Jun 202661+4Bull · early
1 Jul 202662+1Bull · early
2 Jul 202661-1Bull · early
6 Jul 202665+4Bull · early
7 Jul 202663-2Bull · early
8 Jul 202660-3Bull · early
9 Jul 202665+5Bull · early
10 Jul 202667+2Bull · early
13 Jul 202660-7Neutral
14 Jul 202662+2Neutral
15 Jul 202666+4Bull · early
16 Jul 202662-4Bull · early
17 Jul 202658-4Bull · early
20 Jul 202658+0Neutral
21 Jul 202661+3Neutral
22 Jul 202660-1Neutral
23 Jul 202655-5Neutral
24 Jul 202655+0Neutral
27 Jul 202655+0Bull · early
28 Jul 202655+0Bull · early
29 Jul 202651-4Bull · early
30 Jul 202659+8Bull · early
31 Jul 202665+6Bull · early
3 Aug 202668+3Neutral
4 Aug 202669+1Neutral
5 Aug 202671+2Neutral
6 Aug 202672+1Bull
7 Aug 202674+2Bull
10 Aug 202673-1Bull
11 Aug 202673+0Bull
12 Aug 202673+0Bull
13 Aug 202673+0Bull
14 Aug 202673+0Bull
17 Aug 202671-2Bull
18 Aug 202668-3Bull · early
19 Aug 202671+3Bull
20 Aug 202668-3Bull · early
21 Aug 202672+4Bull
24 Aug 202669-3Bull · early
25 Aug 202671+2Bull
26 Aug 202670-1Bull
27 Aug 202671+1Bull
28 Aug 202671+0Bull
31 Aug 202669-2Neutral
1 Sep 202662-7Neutral
2 Sep 202665+3Bull · early
3 Sep 202668+3Bull · early
4 Sep 202667-1Bull · early
8 Sep 202665-2Bull · early
9 Sep 202662-3Bull · early
10 Sep 202658-4Bull · early
11 Sep 202664+6Bull · early
14 Sep 202660-4Neutral
15 Sep 202659-1Neutral
16 Sep 202656-3Neutral
17 Sep 202662+6Neutral
18 Sep 202663+1Neutral
21 Sep 202665+2Bull · early
22 Sep 202666+1Bull · early

Where each number comes from

Sources for everything on this page, and a plain list of what is deliberately not here.

Sources

  • The index, its sub-scores, the regime, SPY, VIX, VIX3M and the volatility risk premium all come from mpi.json, computed on 24 Sep 2026 for the 23 Sep 2026 close.
  • The chart and the ribbon come from the published history file: 93 sessions, each holding the value published that day.
  • Flow and dark-pool observations in the editions come from a licensed market-data feed (options chains and dark-pool prints, 15-minute delayed). The index inputs are free public data.

What is not here

  • Sub-indicator weights, the classifier’s transition matrix, lookback windows and scanner thresholds are not published, and so are not shown.
  • Day-over-day change for SPY and VIX is not in the payload, so it is not printed. The expected move and the term-structure spread are published, and are shown in its place.
  • Any value without a source renders as n/a beside its stamp, never as a plausible-looking number.

The instruments

The index on a dial and on its zone map, the move the options market prices for SPY over the next session, and the volatility term structure. Each plate is drawn from the published index file and carries the session it describes.

As of the close on Wednesday 23 September 2026 · computed 23 September 2026, 8:16 PM ET · SomerQuant Research · delayed

Regime dial: the index against its three bands

The Market Pulse Index read 66 out of 100 at the close on Wednesday 23 September 2026, in the Bull band (above 60).

66out of 100

Bull band, above 60.

Regime classifier: Bull · early, moderate confidence.

Source: SomerQuant Research; data as of the close on Wednesday 23 September 2026; delayed.

Zone map: the reading and its confidence band

Reading 66, with the published 85% band from 61 to 71.

Source: SomerQuant Research; data as of the close on Wednesday 23 September 2026; delayed.

Expected move: SPY, one sigma, next session

SPY closed at 767.81. Options priced a one-sigma move of ±6.87 (0.90%), a range of 760.94 to 774.68.

Source: SomerQuant Research; data as of the close on Wednesday 23 September 2026; delayed.

Volatility term structure

VIX 14.21, VIX3M 17.61, realized 20-day volatility 10.84. The term structure is in contango.

Contango: VIX3M sits 3.40 points above VIX. VIX less realized 20-day volatility, the volatility risk premium, is 3.37.

Source: SomerQuant Research; data as of the close on Wednesday 23 September 2026; delayed.

How to read the plates

The dial and the zone map run from 0 to 100 on the index’s own bands: below 40 is Crisis, 40 to 60 is Neutral, above 60 is Bull. The zone map adds the published confidence band, the spread of disagreement among the nine inputs.

The expected move is the range the options market prices for SPY one standard deviation either side of the close. It is a price the market implies, not a forecast.

What the three modes mean

Bull: the higher-return mode: steady gains, shallow pullbacks, risk appetite intact.

Neutral: the average mode: choppier sessions, mixed leadership, returns closer to the long-run norm.

Crisis: the risk-off mode: sharp swings, correlated selling, defensives outperforming.

The regime classifier is a separate model that reads the mode from broad-market return patterns. It describes the current mode and does not predict the next one.

These plates are drawn on this page from the published index file, on the same Paper scheme as the rest of the Terminal, and are not redrawn after they load. The data service’s earlier dark instrument panels still load with the page but are hidden, and no longer shown.

Share this page

Research, not advice. SomerQuant publishes market-structure research: what printed in options flow, what printed in dark-pool activity, and where the regime classifier put the session at the close. Nothing here is a recommendation to buy or sell any security, and nothing here is personalised to you or to your circumstances.

Options carry risk and are not suitable for every investor. Please read the Characteristics and Risks of Standardized Options before acting on anything you read, here or anywhere else.

The figures in The Tally are a public record of how published directional reads resolved over their stated windows, with every miss shown beside every hit; observations that stated no direction are recorded, not scored. They are not trade results, and they are not a forecast.

SomerQuant is a publication of AZTMM HLDGS LLC. © 2026 AZTMM HLDGS LLC. All rights reserved.