The market has a mood. We measure it.

Indicators: The $750 line broke — and broke clean. Tuesday closed at $750.59 (intraday ATH $752.13), Wednesday confirmed at $750.46. Two daily closes through the level that rejected twice in May (high $749.53 May 14, $748.94 May 22). No double-top — just a third-time-through breakout. FastOsc continued its rebuild to 1.30–1.31 from last week's 1.13 reset, with plenty of room before the 1.61 cycle high. The SlowOsc divergence persists, though: 1.0410 → 1.0577 over two sessions, basically flat. Short cycle re-energizing while the medium wave refuses to follow — three weeks of this divergence now. EMA9 climbed to $743.61, EMA21 to $733.17; spread re-widening to ~10.4 points.

Sentiment: Score blew straight through the 65 trigger — 61.97 (Fri) → 66.64 (Tue) → 68.01 (Wed). Six-point jump in two sessions, highest reading of the entire cycle. Crucially, this came with the breakout, not before it — exactly the "sentiment chase" pattern we flagged as the trim-trigger scenario last Friday. Both Game Plan trim conditions are now met: daily close above $750 + score >65. The signal fired Tuesday and re-fired Wednesday.

What to watch: The trim trigger has executed. Per the framework: trim 25% of opportunistic adds or sell 30-DTE covered calls at the $755 strike on 25% of position. The core B&H stays. The next trim escalator is much further out — sustained price above $785 with score >75 (extreme greed). Below current, the path of natural support is $750 (former resistance, now first floor), $748 (recent pivots), then EMA9 $744 and EMA21 $733. Pullback to $750 with score easing back below 65 is the cleanest re-add of any trimmed position. Stance: trim executed, B&H intact, wait for the next setup. The single biggest risk now is the SlowOsc divergence — three weeks of FastOsc making higher local peaks while SlowOsc fades is the medium-cycle top signature.

Action framework — when to add:

• Pullback to $750 with score <65: Re-add trimmed position back into core (1× original size). Former resistance becomes support; sentiment chase unwound without breaking the trend.
• Tag of EMA 9 (~$744): Normal-sized add to existing position. Trend pullback in healthy proportion.
• Pullback to EMA 21 (~$733) or prior pivot $731: 1.25× normal add. Score likely 50–55, FastOsc resetting again — full mean-revert level.
• Flush to $715 (Bear 1M): 1.5× normal add. Implies broader breadth event; score back to 40–45 (fear zone), oscillators fully reset.
• Score < 15 print (any timeframe): Full $100K Buy-the-Fear DCA signal — same rule the backtest panel tracks.

Action framework — when to trim or hedge:

• [EXECUTED May 27] Daily close above $750 + score >65: First-tier trim fired — 25% of opportunistic adds trimmed, or $755-strike 30-DTE calls sold against 25% of position. Core B&H intact.
• Sustained above $785 with score >75 (Bull 6M+): Trim 25–50% of B&H position or sell 30-DTE covered calls at the $795 strike on 50% of position. Extreme-greed extension; IV elevated, fat premium for fear buyers.
• Score > 80 print (any close): Outright trim 10–20% of B&H regardless of price. Composite scores above 80 have historically marked durable tops; the signal precedes price.
• Daily close below EMA 21 (~$733) on rising volume: Reduce risk — trend break, not just a pullback. (Outright exit, not an options play.)

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: SlowOsc divergence continues — FastOsc has put in three higher local peaks (1.34 → 1.61 → 1.31+) while SlowOsc has faded from 1.21 to 1.06; the medium-cycle wave has not confirmed any new high since May 14 · Score at 68.01 is cycle-high greed, but still below the 75+ "outright trim B&H" threshold · HY credit spread 2.78 pinned at cycle low (no cushion if credit cracks) · Two-day breakout above $750 needs a third close to be structurally resolved — a Friday close back inside the range would invalidate the bull setup · Midterm-year seasonality typically weakest Aug–Oct.