Notes

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"XLV","close":168.39,"sma200":155.18015000000003,"atr20":2.1654699999999965,"high20":175.82,"returns":{"21":-0.04149590163934436,"63":0.13210972166196022,"126":0.1583545435784548,"252":0.24872080088987758},"score":0.12442229112273706,"eligible":true,"limit":169.23,"stop":164.9,"target":187.22,"p90":0.10628648222527133,"p90n":1255,"rr":4.153107959699903,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLV&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":3,"group":"sector"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLV&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"XLP","close":82.8,"sma200":82.96825000000001,"atr20":0.89176,"high20":87.465,"returns":{"21":-0.0432170094753872,"63":0.0008461259518917075,"126":0.02285361334156888,"252":0.060586653003714686},"score":0.010267345705447017,"eligible":false,"limit":83.21,"stop":81.43,"target":89.58,"p90":0.07653027888248405,"p90n":1255,"rr":3.5705147718060335,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLP&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":7,"group":"sector"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLP&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"XLY","close":111.03,"sma200":116.57710000000002,"atr20":1.5072499999999984,"high20":118.79,"returns":{"21":-0.06374905135340247,"63":-0.050457538698366555,"126":0.016199890170236042,"252":-0.07359198998748429},"score":-0.04289967246725432,"eligible":false,"limit":111.59,"stop":108.58,"target":128.21,"p90":0.14893304858297668,"p90n":1255,"rr":5.513165994816515,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLY&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":10,"group":"sector"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLY&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"XLC","close":110.81,"sma200":113.62755000000001,"atr20":1.607,"high20":115.26,"returns":{"21":-0.0045813869924541395,"63":0.01502244206283776,"126":-0.014934660858742954,"252":-0.055730720068172035},"score":-0.015056081464132842,"eligible":false,"limit":111.36,"stop":108.15,"target":126.72,"p90":0.13790962490769748,"p90n":1255,"rr":4.778349666994771,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLC&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":9,"group":"sector"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLC&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"XLK","close":189.6,"sma200":162.2356,"atr20":3.1444999999999963,"high20":189.81,"returns":{"21":0.032454802875190536,"63":-0.008420061712253624,"126":0.3730175972192047,"252":0.4043404192282054},"score":0.20034818940258675,"eligible":true,"limit":190.55,"stop":184.26,"target":225.54,"p90":0.18363450699634515,"p90n":1255,"rr":5.563929926562826,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLK&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":1,"group":"sector"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=XLK&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"TLT","close":81.25,"sma200":84.36059999999999,"atr20":0.6628700000000016,"high20":83.28,"returns":{"21":-0.017533252720677184,"63":-0.05258861940298509,"126":-0.04959644402854124,"252":-0.05709643727515379},"score":-0.05709643727515379,"eligible":false,"limit":81.66,"stop":80.33,"target":86.68,"p90":0.06150557763249668,"p90n":1255,"rr":3.788484521451918,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TLT&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":7,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TLT&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"GLD","close":401.17,"sma200":416.22065,"atr20":7.923445000000004,"high20":429.42,"returns":{"21":-0.03061569688768595,"63":0.03629365571399057,"126":-0.05919185760183865,"252":0.1905214114016085},"score":0.1905214114016085,"eligible":false,"limit":403.18,"stop":387.33,"target":470.84,"p90":0.16781703911009302,"p90n":1255,"rr":4.269637375435008,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=GLD&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":4,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=GLD&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"EEM","close":67.03,"sma200":62.091550000000005,"atr20":0.9432499999999997,"high20":69.125,"returns":{"21":0.013916200272273471,"63":-0.05311484672976419,"126":0.16939986043265876,"252":0.28311638591117916},"score":0.28311638591117916,"eligible":true,"limit":67.37,"stop":65.48,"target":74.59,"p90":0.10717963493264468,"p90n":1255,"rr":3.8275600346738803,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EEM&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":1,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EEM&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"EFA","close":104.97,"sma200":101.03105,"atr20":1.0289949999999997,"high20":108.83,"returns":{"21":-0.02498606724874608,"63":0.005363470931903036,"126":0.10471479688486629,"252":0.16737099644128106},"score":0.16737099644128106,"eligible":true,"limit":105.49,"stop":103.43,"target":115.65,"p90":0.09630282889112697,"p90n":1255,"rr":4.936362868490608,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EFA&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":6,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EFA&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"IWM","close":284.1,"sma200":273.51065,"atr20":3.2170000000000045,"high20":299.61,"returns":{"21":-0.055926627454889744,"63":-0.03636116952716906,"126":0.15300324675324672,"252":0.20131929468476484},"score":0.20131929468476484,"eligible":true,"limit":285.52,"stop":279.09,"target":322.13,"p90":0.12821050854556687,"p90n":1255,"rr":5.689565495792695,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IWM&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":3,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IWM&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"QQQ","close":721.45,"sma200":661.77265,"atr20":8.27367999999999,"high20":724.125,"returns":{"21":0.007499162104792845,"63":-0.02481718279017575,"126":0.21944829451337022,"252":0.2286901578759135},"score":0.2286901578759135,"eligible":true,"limit":725.06,"stop":708.51,"target":842.3,"p90":0.1616958533244174,"p90n":1255,"rr":7.085069486093384,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=QQQ&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":2,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=QQQ&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured2026-09-19 from primary venue API/SIP; period2021-06-01–2026-09-18, last completed barSep18. All measured fields: {"symbol":"SPY","close":761.69,"sma200":712.4730999999999,"atr20":6.002450000000005,"high20":773.38,"returns":{"21":-0.007130194483549568,"63":0.022553665641906973,"126":0.1634894449026978,"252":0.17127216250711208},"score":0.17127216250711208,"eligible":true,"limit":765.5,"stop":753.5,"target":848.49,"p90":0.10841930825440019,"p90n":1255,"rr":6.913425390360876,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000","rank":5,"group":"index"} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY&timeframe=1Day&start=2021-06-01T00%3A00%3A00Z&end=2026-09-18T23%3A59%3A00Z&adjustment=all&feed=sip&limit=10000

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"ETH/USD","date":"2026-09-18 00:00:00+00:00","n":1936,"close":2612.4025,"return_pct":-43.0828048097642,"sma200":2070.4311531083276,"atr20":102.69994243532499,"p90_pct":42.38729934806082,"p90_n":1826,"ret20_pct":6.291793560409564,"above_sma_pct":26.176738409196254,"high20":2664.8535,"worst_gap_pct":-1.5875006146848114,"stop":2407.00261512935,"target":3719.729367851225,"eligible":true,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/crypto-bars","rank":7} https://runway.adityaperswal.workers.dev/data/crypto-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"BTC/USD","date":"2026-09-18 00:00:00+00:00","n":1936,"close":80872.5325,"return_pct":-30.953102086829542,"sma200":70400.16140458945,"atr20":2297.23361440355,"p90_pct":36.778582915826995,"p90_n":1826,"ret20_pct":3.3719158279598593,"above_sma_pct":14.875493019434828,"high20":82233.502538071,"worst_gap_pct":-1.6457402875454386,"stop":76278.0652711929,"target":110616.30392164165,"eligible":true,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/crypto-bars","rank":6} https://runway.adityaperswal.workers.dev/data/crypto-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"TLT","date":"2026-09-18 04:00:00+00:00","n":1332,"close":81.25,"return_pct":-5.709643727515379,"sma200":84.36059999999999,"atr20":0.6628700000000016,"p90_pct":6.150557763249668,"p90_n":1255,"ret20_pct":-0.9508716323296418,"above_sma_pct":-3.6872663304907682,"high20":83.28,"worst_gap_pct":-3.34463805402877,"stop":79.92426,"target":86.24732818264036,"eligible":false,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars"} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"GLD","date":"2026-09-18 04:00:00+00:00","n":1332,"close":401.17,"return_pct":19.05214114016085,"sma200":416.22065,"atr20":7.923445000000004,"p90_pct":16.781703911009302,"p90_n":1255,"ret20_pct":-3.393054953523089,"above_sma_pct":-3.6160267396631918,"high20":429.42,"worst_gap_pct":-5.980036297640645,"stop":385.32311,"target":468.49316157979604,"eligible":false,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars"} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"EEM","date":"2026-09-18 04:00:00+00:00","n":1332,"close":67.03,"return_pct":28.311638591117916,"sma200":62.091550000000005,"atr20":0.9432499999999997,"p90_pct":10.717963493264469,"p90_n":1255,"ret20_pct":0.6154308015610788,"above_sma_pct":7.953497698156986,"high20":69.125,"worst_gap_pct":-5.737169009480214,"stop":65.1435,"target":74.21425092953517,"eligible":true,"size":93.33,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars","rank":1,"stress_fraction":0.27765169438998133,"stress_loss":25.913232637416957,"stop_loss":2.626690213337311,"target_gain":10.003075328263728,"reward_risk":3.808243270360546} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"EFA","date":"2026-09-18 04:00:00+00:00","n":1332,"close":104.97,"return_pct":16.737099644128108,"sma200":101.03105,"atr20":1.0289949999999997,"p90_pct":9.630282889112697,"p90_n":1255,"ret20_pct":-2.2170470423847233,"above_sma_pct":3.8987519183458996,"high20":108.83,"worst_gap_pct":-4.503884354410459,"stop":102.91201,"target":115.0789079487016,"eligible":true,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars","rank":5} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"IWM","date":"2026-09-18 04:00:00+00:00","n":1332,"close":284.1,"return_pct":20.131929468476486,"sma200":273.51065,"atr20":3.2170000000000045,"p90_pct":12.821050854556686,"p90_n":1255,"ret20_pct":-4.307992859308152,"above_sma_pct":3.8716408300737193,"high20":299.61,"worst_gap_pct":-5.27219225110348,"stop":277.666,"target":320.5246054777956,"eligible":true,"size":93.33,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars","rank":3,"stress_fraction":0.2991683741907841,"stress_loss":27.921384363225883,"stop_loss":2.1136403379091897,"target_gain":11.965886762557755,"reward_risk":5.661269113738814} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"QQQ","date":"2026-09-18 04:00:00+00:00","n":1332,"close":721.45,"return_pct":22.86901578759135,"sma200":661.77265,"atr20":8.27367999999999,"p90_pct":16.16958533244174,"p90_n":1255,"ret20_pct":1.4797518743054905,"above_sma_pct":9.017802412958599,"high20":724.125,"worst_gap_pct":-5.357022225224606,"stop":704.90264,"target":838.105473380901,"eligible":true,"size":93.33,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars","rank":2,"stress_fraction":0.24223805476096846,"stress_loss":22.608077650841185,"stop_loss":2.1406405278259033,"target_gain":15.091073990767876,"reward_risk":7.0497936456873544} https://runway.adityaperswal.workers.dev/data/stock-bars

Measured Sep19 02UTC; primary venue market-data proxy. SIP adjustment=all adjusted-close total-return proxy; crypto UTC. ATR20 arithmetic mean of true ranges. Full figures: {"symbol":"SPY","date":"2026-09-18 04:00:00+00:00","n":1332,"close":761.69,"return_pct":17.127216250711207,"sma200":712.4730999999999,"atr20":6.002450000000005,"p90_pct":10.841930825440018,"p90_n":1255,"ret20_pct":0.12882701686582898,"above_sma_pct":6.907895891087001,"high20":773.38,"worst_gap_pct":-3.98836806224242,"stop":749.6851,"target":844.2719029042942,"eligible":true,"size":0,"source":"https://runway.adityaperswal.workers.dev/data/stock-bars","rank":4} https://runway.adityaperswal.workers.dev/data/stock-bars

The analysis, known as analysis3311, was reviewed instead of re-examining the data. This analysis was based on two periods: from 2016 to 2023, where the results were 77.2771% with 51 events, and from 2024 to 2025, where the holdout results were -10.7601% with 41 events, a drawdown of 41.5061%, and a win rate of 36.3636% with 11 events. The stress test results were -12.7019%. A known period in 2026 showed an increase of 85.9215%, but this included an open paper and was not an independent holdout. The analysis used a fixed 2ATR/6ATR 60 session, which is a technical indicator, and the current positive FRO signal alone does not fix the training failure. A special dividend corporate action on September 18 has been corrected separately. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the price target and stress-size arithmetic for NVT R91900. The data includes a price of 157.88, a stop ATR of 144.37482, and a target 3R gross of 198.39554. Other figures are a 252-day high of 184.4, a net R to high of 1.9226903146604264, and a net R to 3R of 2.9446627131966125. The net 3R target is 199.153364. The guide PE is 31.263366336633663 and the required PE at gross 3R is 39.28624554455446. The half-year FCF yield is 0.008534007963838965 and the implied acquired EBITDA is 152.17391304347825. The forecast growth versus TTM is 0.32827324478178377. Annual new interest rates are 91.7 for 5 percent and 117.2 for 8 percent. The gap stress fraction is 0.38372618589439855 and the stress size ceiling is 66.44738080767034. The quarter probe notional is 16.611845201917586. https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

The company plans to issue 800 million dollars in 6.15 percent notes and a planned 850 million dollar floating loan. This is not a bridge loan in addition to the other financing. Assuming the floating loan has an annual interest rate of 5 to 8 percent, the new interest payments would be 91.7 to 117.2 million dollars. This would leave 34.974 to 60.474 million dollars before depreciation and amortization, taxes, capital expenditures, working capital, and synergies, based on an implied earnings before interest, taxes, depreciation, and amortization of 152.174 million dollars for fiscal year 2026. The forecast is for 700 million dollars in revenue for the fiscal year, which is 32.8273 percent above the 527 million dollars in revenue for the trailing June period, and this is not the actual year-over-year growth. https://www.sec.gov/Archives/edgar/data/1720635/000110465926107974/tm2625115d3_ex99-1.htm

A news scan found the headline about FRO R91900 raw versus adjusted September 18 price return. The raw close price changed by -4.83065% from September 17 close of 54.03 to September 18 close of 51.42. The adjusted prior close was 50.66 and the current close is 51.42, which is a 1.50020% increase. The issuer declared a 3.41 distribution, which gives a simple cash-inclusive daily return of +1.48066%. This difference between the raw and adjusted series is due to rounding and adjustment methods, and not a large feed error. The raw ex-drop alone does not stop or break the thesis. No position exists. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&feed=sip&adjustment=raw&timeframe=1Day