The week opens with oil as its compass and ends by proving the compass wrong. After fears that the Strait of Hormuz might close, Monday's market priced the opposite: Iran eased, crude slid and a rotation began that never let up. Tuesday brought a genuine tech scare, with the Korean market's crash as the trigger; Wednesday the fear narrowed onto semiconductors. Then the turn: Thursday's after-bell results from Micron and Qualcomm beat expectations and the big US banks cleared their stress tests. Friday delivered the week's signature — the memory fracture: makers of AI memory chips soared, with SanDisk up over 20%, while the companies that buy those chips paid the bill, Apple sliding 5.6% on announced price hikes. Core inflation ticked up to 3.4%, yet the market digested it by rotating rather than fleeing. Beneath the surface the weekly regime holds and all 7 indices stay in buy mode — but this is rotation, not advance. Money moves into memory, semiconductors and defensives; out of commodities — gold and oil in retreat for weeks — and big consumer tech. A market choosing its horses, to ride with discipline rather than chase.

All 7 indices remain in weekly buy mode, but with conviction that now reads mature rather than fresh, and 5 of 7 show their short-term picture diverging: this is sector fragmentation under a still-intact structure, not a change of direction. The small-cap Russell 2000 is the liveliest — the only one aligned across weekly and daily, and with the best gain in the group; Italy's FTSE MIB is the most tired, its signal momentum all but spent.

In the US the week rewards defensives: health care runs hard (up over 7%), followed by utilities and real estate, while technology closes at the bottom (down over 5%) alongside energy. Europe mirrors the same logic — health care on top, basic resources, oil & gas and autos at the foot of the table: defensive leadership is identical on both sides of the Atlantic, with technology and commodities its inverted reflection.

Eight signals from the prior week passed their first test, closing their confirmation week in the green — the first exam that separates a spark from a solid base. In the US the five that held describe the rotation well: Vertex and Ecolab from the defensive and health-care camp, RTX from defense, and Booking and Home Depot from consumer names, back on track after a rough few sessions. In Europe AXA and Vinci remain standing, two value names far from the tech turbulence; from the rest of the world Brazil's Gafisa stands out as the most convincing of the whole group. The European and global lists are thinner than usual — a selective week. They are worth a closer look: a signal that survives its first check rests on firmer ground than a fresh spark — though the decision always stays with the reader.