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Indicators: The bull leg extended. Friday closed at $754.95 with intraday high $755.42 — literally 58 cents from the $756 breakout trigger. The week resolved bullish after a mid-week test: $751.28 (Mon) → 747.71 → 745.40 (Wed low close) → 751.71 → 754.95. FastOsc rebuilt to 0.7933 — its highest reading since Jun 3, before the entire correction. SlowOsc grinding along at 0.6073 — still flat in the 0.60 area for a week, hasn't confirmed the FastOsc surge yet. EMA9 climbed to $747.84 (from $743.65 last Mon), EMA21 to $744.71. Spread widened to 3.13 points from Jul 2's 54-cent low — the bear-cross scenario is now officially dead, EMA9 pulling away decisively. HY OAS: 2.74 → 2.72 → 2.67 → 2.70 → 2.70 — credit fully supportive, compressed materially from the Jun 29 peak of 2.83.

Sentiment: Score crossed 50 on Jul 7 (50.90) and has held the neutral zone since: 50.90 → 54.56 → 51.70 → 50.84 today. That's the first sustained close above 50 since Jun 22, ending 12 sessions below neutral. Full recovery arc from the Jun 26 low: 20.61 → 50.84 — 30 points in 10 sessions, no down day for the composite. Notably score is stalling right at 50-55 — not pushing into greed. That's constructive for a breakout: price extension without sentiment chase, exactly the setup the pre-armed trigger requires.

What to watch: The $756 breakout trigger is one session from firing. Friday's close $754.95 sits $1.05 below the $756 line; today's high $755.42 was $0.58 below. Score at 50.84 is comfortably below the <55 constraint (4.16-point runway). Monday's open is the setup: a gap-and-hold above $756, or an early intraday breach with an afternoon close through, triggers the pre-armed normal-sized add. Conversely, a rejection at $755–756 with an outside-bar reversal turns this into another failed retest — the fourth in eight weeks. If triggered, the next pre-armed level up is the trim side: score >65 and daily close above $760 (fresh ATH). We are 5 points from one, 15 points from the other. Stance: wait for the trigger — do not front-run at $755. The framework has fired every prescribed signal within 1 session of the level being reached; discipline is the edge.

Action framework — when to add:

• [EXECUTED Jun 5] Pullback to $750 with score <65: Trimmed position re-added to core at $737.55 close, score 70.59.
• [EXECUTED Jun 8] Tag of EMA 9 (~$744): Normal add fired at $739.22 close.
• [EXECUTED Jun 11] EMA 21 / $733 area: 1.25× add fired at $737.76 close, intraday low $724.41. Score 24.91.
• [EXECUTED Jun 26] Break below $725 with score <30: Re-armed trigger fired — close $728.99 with intraday $716.58, score 20.61. Cycle-low sentiment print on the day.
• [SOFT TAG Jun 26] Flush to $715 (1.5× tier): Intraday low $716.58 briefly kissed the zone but no daily close below $720 — executable opportunistically at the tag, no clean close-below signal for the disciplined trigger.
• [Not triggered] Score < 15 print: Cycle low was 20.61 (Jun 26) — the closest we've been all year, but buyers absorbed sentiment at the low before it armed. The full $100K DCA remains reserved.
• One session from firing — Break above $756 with score <55: Fri close $754.95 sits $1.05 below the line; Fri high $755.42 sits $0.58 below. Score 50.84 with 4.16-point runway to the <55 constraint. Any gap-and-hold above $756 Monday, or an afternoon close-through, triggers the normal-sized add.
• Next add — daily close below $716 with score <20: Full $100K DCA scenario — requires undercut of the Jun 26 low and arming of the fear condition. Much further away now with score recovered to 50.84.

Action framework — when to trim or hedge:

• [EXECUTED May 27, validated by Jun 5-11 drawdown] Daily close above $750 + score >65: First-tier trim fired at $750.46, score 68.01 — and the framework's positioning fully worked through the round trip.
• [Not triggered, came close] Score > 80 print: Peak was 79.19 on Jun 2 — missed by 0.81.
• Re-armed — daily close above $760 (fresh ATH) + score >65: Repeat of the May 27 trigger, now requiring a fresh ATH not a level-reclaim. The Jun 2 high of $760.40 is the line — 5 points from Fri's close, but score needs 14 more points before it arms.
• Sustained above $785 with score >75 (Bull 6M+): Trim 25–50% of B&H or sell 30-DTE covered calls at $795 strike on 50% of position. Out of reach for now.
• Daily close below EMA 21 ($743) on rising volume: Suspend opportunistic adds above the prescribed dip tiers; core B&H not exited during fear-driven flushes.

Covered-call note: when the BSB score is elevated, implied volatility is elevated too — the same crowd buying the rally is buying the upside calls you sell. You collect premium while waiting, get called away at your trim target if SPY rips through, and avoid realizing gains if it doesn't. Requires options approval at your broker.

Key risks to monitor: $756 breakout trigger now within 58 cents — Monday's tape is the tell · Score stalled at 50-55 for four sessions is neutral but constructive if a breakout fires without pushing above 55; a break without confirming score momentum would be suspect · FastOsc at 0.79 is cycle-strong, but SlowOsc flat around 0.60 for a week — the divergence hasn't dispositive yet · EMA9/EMA21 spread widened to 3.13 pts — bear cross dead, trend structure re-forming · HY OAS 2.70 — credit supportive but no longer at cycle low (2.63 in mid-June) · Jun 2 ATH $760.40 is the resistance beyond $756; a failed test there would print a double-top macro pattern · Aug–Oct seasonality window active — midterm-year historical weakness.