This is the week the money changed address. Healthcare finishes on top on both sides of the Atlantic, above 4% in the United States and in Europe alike, while European basic resources do even better, north of 5%. At the bottom sits technology, down 3.5%, dragging industrials and utilities along with it. Anyone following our daily Observatory saw the centre of gravity shift session by session: it opened on Monday with AI debt and Broadcom, spent three days on European chipmakers and memory, and closed on Friday with Italian banks and energy.

The names tell the same story. Moderna more than doubled in five sessions, up 129.2%, and opens a fresh buy signal; Marvell gains 6.8% and flips a sell signal that was still live seven days ago. On the other side Honeywell sheds 7.7%, Carnival 8.5% and Delta Air Lines 7.8% — all three crossing into sell territory in the same week. Among the earnings names, Walmart drops 10.0% and Baidu 10.1%.

There is a second contrast worth carrying into next week. All seven indices we track remain long, yet six of the seven closed lower and signal strength is scraping the floor. Meanwhile the backdrop keeps improving: equity volatility has fallen by almost a fifth over four weeks and market participation has widened by 13.9%. Capital is switching sectors while staying invested.

All seven indices we track remain long, yet signal strength is close to the bottom of the scale and six of the seven finished the week lower. The Nasdaq is the only one carrying a fresh signal, barely open and already below its entry reference; the FTSE 100 is the only one to close higher. The trades running for nineteen weeks on the S&P 500, the Russell 2000 and the FTSE MIB are all comfortably in profit: this is a pause inside mature positions.

In the United States healthcare and energy lead, both above 2.5%, while technology finishes last at -3.5% with utilities and industrials just above it. Europe says much the same thing with a different accent: basic resources take first place above 5%, with healthcare right behind, in line with the US reading. For once both sides of the Atlantic are pulling the same way, which makes the rotation more convincing than an isolated bounce. The full comparto-by-comparto picture sits in the weekly sector report published the same day.

The five buys that cleared their confirmation week are all American, and the family resemblance is hard to miss: Uranium Energy and Energy Fuels in uranium, CRISPR Therapeutics and uniQure in biotech, MP Materials in rare earths. Three speculative themes, not one defensive name, and signal strength between 86 and 87 out of 100 — the top of the scale. Europe and the rest of the world contributed none: this week, confirmation spoke only American. Why it matters: a signal that survives its first weekly test has already passed the point where most false starts die out, and our method treats it as sturdier than one just born. This is no invitation to buy — these remain volatile names with the risk that comes with them — but the five cards are worth reading before the theme cools.