We think about we haven't had major down moves in like 120 days. The market had turned its attention away from trade until a recent market reaction to trade-related news. The market is currently eyeing other positives: good economy, earnings, and potential rate cuts.

Yes. Over the past few days, there has been some unwind in momentum and jitters ahead of important government data and upcoming earnings, especially in large-cap tech and AI-related sectors. Defensive sectors are outperforming in October, indicating some hesitancy.

Regarding momentum unwind, despite short-term declines, overall market breadth and global markets remain strong with healthcare and discretionary showing resilience.

Some defensive sectors have outperformed, but this is not necessarily a bearish sign for the economy or market. The current market behavior looks like positive consolidation after some volatility.