@ADZO
Macro investing, decoded

Pulse — Cross-Asset Momentum Model

@ADZO Macro · Inspired by 42 Macro Framework · VAMS Overlay
Last updated: 10 Apr 2026, 10:02 AM
REGIME (GMRM LIVE): GOLDILOCKS  ·  75% bullish (27/36 signals)
Growth strong, inflation low — full risk-on. Equities, credit, and EM favoured.
RAW MOMENTUM: RISK-ON (+4.5)
VAMS SIGNAL: RISK-ON (+2.7)
FEAR GAUGE: LOW FEAR (-5.7% 1M)
US Equities — Broad US Equities — Sectors International Equities Fixed Income Commodities Currencies Volatility VAMS Signals Regime Divergences

How VAMS Works — Volatility-Adjusted Momentum Signal

The problem: A raw momentum score of +5 means very different things when markets are calm versus when they are in panic mode. During a VIX spike, even strong-looking trends can reverse violently.

The solution: VAMS takes the raw momentum score and divides it by a volatility normalizer. When realized volatility is at a normal 15%, VAMS roughly equals the raw score. But when vol doubles to 30% (fear spike), VAMS automatically halves the signal — telling you the momentum is less trustworthy. This acts as a built-in risk governor.

Position tiers combine the VAMS score with regime alignment (which assets the current macro regime favours or warns against) to give you a clear sizing recommendation:

MAX POSITION
VAMS ≥ 2 + regime favoured
HALF POSITION
VAMS ≥ 2 neutral, or 0 < VAMS < 2
NO POSITION
VAMS ≤ 0, or regime conflict
AVOID / SHORT
VAMS < -2
Raw Momentum Leaderboard
Sorted by raw composite score (-7 to +7)

🟢 Top 10 — Strongest Momentum

#TickerNameScoreSignal1M%3M%
1 IWM Russell 2000
+7
 🟢🟢 STRONG BULL +3.8% +1.6%
2 XLU Utilities
+7
 🟢🟢 STRONG BULL +2.8% +13.1%
3 XLI Industrials
+7
 🟢🟢 STRONG BULL +1.9% +7.8%
4 XLB Materials
+7
 🟢🟢 STRONG BULL +4.1% +9.3%
5 XLRE Real Estate
+7
 🟢🟢 STRONG BULL +1.4% +6.4%
6 EFA Developed Markets
+7
 🟢🟢 STRONG BULL +3.0% +4.1%
7 EEM Emerging Markets
+7
 🟢🟢 STRONG BULL +2.5% +6.0%
8 EWJ Japan
+7
 🟢🟢 STRONG BULL +2.9% +6.5%
9 EWZ Brazil
+7
 🟢🟢 STRONG BULL +7.8% +23.3%
10 VGK Europe
+7
 🟢🟢 STRONG BULL +3.1% +2.3%

🔴 Bottom 10 — Weakest Momentum

#TickerNameScoreSignal1M%3M%
1 FXY Japanese Yen
-5
 🔴 BEAR -0.1% -1.4%
2 INDA India
-5
 🔴 BEAR -0.4% -8.7%
3 FXI China
-3
 🔴 BEAR -0.3% -7.9%
4 WEAT Wheat
-1
 🟡 WEAK BEAR -3.7% +8.1%
5 XLC Communication Svcs
-1
 🟡 WEAK BEAR -2.0% -2.4%
6 CPER Copper
+1
 🔵 WEAK BULL -2.5% -1.3%
7 SLV Silver
+1
 🔵 WEAK BULL -12.2% -1.9%
8 TLT 20Y Treasury
+1
 🔵 WEAK BULL -0.1% +0.4%
9 XLV Healthcare
+1
 🔵 WEAK BULL -1.9% -5.2%
10 XLF Financials
+1
 🔵 WEAK BULL +3.9% -7.7%
VAMS Leaderboard — Volatility-Adjusted Ranking
Sorted by VAMS score (vol-adjusted, -7 to +7)

🟢 Top 10 — Strongest VAMS

#TickerNameRaw ScoreVAMSVol%Position
1 SHY 1-3Y Treasury
+7
+7.0
 2.1% NO POSITION
2 HYG High Yield Corp
+7
+7.0
 7.7% MAX POSITION
3 LQD Inv Grade Corp
+7
+7.0
 8.5% MAX POSITION
4 EMB EM Bonds
+7
+7.0
 11.7% HALF POSITION
5 DBA Agriculture
+5
+7.0
 9.1% HALF POSITION
6 FXE Euro
+7
+7.0
 8.2% MAX POSITION
7 CEW EM Currencies
+7
+7.0
 9.8% MAX POSITION
8 FXA Australian Dollar
+5
+6.2
 12.1% MAX POSITION
9 IEF 7-10Y Treasury
+3
+6.0
 6.6% NO POSITION
10 XLU Utilities
+7
+5.8
 18.1% NO POSITION

🔴 Bottom 10 — Weakest VAMS

#TickerNameRaw ScoreVAMSVol%Position
1 FXY Japanese Yen
-5
-7.0
 8.3% AVOID / SHORT
2 INDA India
-5
-2.6
 28.6% AVOID / SHORT
3 FXI China
-3
-1.9
 23.6% NO POSITION
4 XLC Communication Svcs
-1
-0.8
 19.5% NO POSITION
5 WEAT Wheat
-1
-0.6
 24.7% NO POSITION
6 SLV Silver
+1
+0.3
 58.6% HALF POSITION
7 CPER Copper
+1
+0.4
 34.0% HALF POSITION
8 GDX Gold Miners
+3
+0.7
 61.1% HALF POSITION
9 XLF Financials
+1
+0.8
 18.3% HALF POSITION
10 XLV Healthcare
+1
+0.9
 17.0% HALF POSITION
VAMS Signals Summary — Top 20 Assets

Compact view of raw score, realized volatility, VAMS score, and position tier for the top 20 assets ranked by VAMS.

TickerNameRaw ScoreRealized VolVAMS ScorePosition Tier
SHY 1-3Y Treasury +7 2.1% +7.0 NO POSITION
HYG High Yield Corp +7 7.7% +7.0 MAX POSITION
LQD Inv Grade Corp +7 8.5% +7.0 MAX POSITION
EMB EM Bonds +7 11.7% +7.0 HALF POSITION
DBA Agriculture +5 9.1% +7.0 HALF POSITION
FXE Euro +7 8.2% +7.0 MAX POSITION
CEW EM Currencies +7 9.8% +7.0 MAX POSITION
FXA Australian Dollar +5 12.1% +6.2 MAX POSITION
IEF 7-10Y Treasury +3 6.6% +6.0 NO POSITION
XLU Utilities +7 18.1% +5.8 NO POSITION
XLRE Real Estate +7 18.1% +5.8 HALF POSITION
UUP USD Index +3 8.0% +5.6 NO POSITION
XLB Materials +7 21.8% +4.8 HALF POSITION
IWM Russell 2000 +7 25.7% +4.1 MAX POSITION
XLI Industrials +7 25.9% +4.1 HALF POSITION
DIA Dow Jones +5 19.2% +3.9 MAX POSITION
SPY S&P 500 +5 20.4% +3.7 MAX POSITION
EFA Developed Markets +7 28.4% +3.7 MAX POSITION
VGK Europe +7 28.1% +3.7 MAX POSITION
EWJ Japan +7 33.1% +3.2 MAX POSITION
US Equities — Broad
Avg Score: +6 🟢🟢 STRONG BULL  ·  Avg VAMS: +3.7
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
IWM Russell 2000
+7
+4.1
 25.7% MAX POSITION 🟢🟢 STRONG BULL +4.2% +3.8% +1.6% +51.5% -2.7% ● ● ●
DIA Dow Jones
+5
+3.9
 19.2% MAX POSITION 🟢 BULL +3.6% +1.7% -1.8% +30.0% -3.7% ● ● ●
SPY S&P 500
+5
+3.7
 20.4% MAX POSITION 🟢 BULL +3.7% +0.8% -1.1% +38.5% -2.0% ● ● ●
QQQ Nasdaq 100
+5
+3.1
 24.4% MAX POSITION 🟢 BULL +4.3% +0.5% -1.5% +47.4% -3.8% ● ● ●
US Equities — Sectors
Avg Score: +4 🟢 BULL  ·  Avg VAMS: +2.9
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
XLU Utilities
+7
+5.8
 18.1% NO POSITION 🟢🟢 STRONG BULL +1.8% +2.8% +13.1% +32.7% -0.5% ● ● ●
XLRE Real Estate
+7
+5.8
 18.1% HALF POSITION 🟢🟢 STRONG BULL +2.7% +1.4% +6.4% +19.2% -2.1% ● ● ●
XLB Materials
+7
+4.8
 21.8% HALF POSITION 🟢🟢 STRONG BULL +2.5% +4.1% +9.3% +41.9% -3.2% ● ● ●
XLI Industrials
+7
+4.1
 25.9% HALF POSITION 🟢🟢 STRONG BULL +5.1% +1.9% +7.8% +49.9% -3.5% ● ● ●
XLE Energy
+5
+3.0
 25.2% HALF POSITION 🟢 BULL -3.2% +1.3% +24.0% +54.8% -8.4% ● ● ●
XLP Consumer Staples
+3
+2.9
 15.4% NO POSITION 🟢 BULL +1.9% -0.8% +7.0% +12.3% -6.8% ● ● ●
XLK Technology
+3
+1.6
 28.9% HALF POSITION 🟢 BULL +4.5% +1.3% -1.4% +59.0% -6.3% ● ● ●
XLV Healthcare
+1
+0.9
 17.0% HALF POSITION 🔵 WEAK BULL +1.7% -1.9% -5.2% +14.3% -6.4% ● ● ●
XLF Financials
+1
+0.8
 18.3% HALF POSITION 🔵 WEAK BULL +3.6% +3.9% -7.7% +18.7% -8.5% ● ● ●
XLC Communication Svcs
-1
-0.8
 19.5% NO POSITION 🟡 WEAK BEAR +2.3% -2.0% -2.4% +34.3% -4.5% ● ● ●
International Equities
Avg Score: +4 🟢 BULL  ·  Avg VAMS: +1.7
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
EFA Developed Markets
+7
+3.7
 28.4% MAX POSITION 🟢🟢 STRONG BULL +4.0% +3.0% +4.1% +44.7% -3.5% ● ● ●
VGK Europe
+7
+3.7
 28.1% MAX POSITION 🟢🟢 STRONG BULL +4.2% +3.1% +2.3% +42.7% -3.7% ● ● ●
EWJ Japan
+7
+3.2
 33.1% MAX POSITION 🟢🟢 STRONG BULL +3.4% +2.9% +6.5% +49.6% -6.1% ● ● ●
EEM Emerging Markets
+7
+2.8
 37.4% MAX POSITION 🟢🟢 STRONG BULL +6.5% +2.5% +6.0% +60.3% -4.8% ● ● ●
EWZ Brazil
+7
+2.7
 38.4% HALF POSITION 🟢🟢 STRONG BULL +5.7% +7.8% +23.3% +82.3% 0.0% ● ● ●
FXI China
-3
-1.9
 23.6% NO POSITION 🔴 BEAR +2.0% -0.3% -7.9% +25.7% -12.1% ● ● ●
INDA India
-5
-2.6
 28.6% AVOID / SHORT 🔴 BEAR +5.2% -0.4% -8.7% -0.2% -12.2% ● ● ●
Fixed Income
Avg Score: +5 🟢 BULL  ·  Avg VAMS: +5.9
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
SHY 1-3Y Treasury
+7
+7.0
 2.1% NO POSITION 🟢🟢 STRONG BULL +0.1% +0.1% +0.4% +3.5% -0.3% ● ● ●
HYG High Yield Corp
+7
+7.0
 7.7% MAX POSITION 🟢🟢 STRONG BULL +0.9% +1.0% +0.7% +12.3% 0.0% ● ● ●
LQD Inv Grade Corp
+7
+7.0
 8.5% MAX POSITION 🟢🟢 STRONG BULL +0.3% +0.7% +0.4% +8.8% -1.2% ● ● ●
EMB EM Bonds
+7
+7.0
 11.7% HALF POSITION 🟢🟢 STRONG BULL +1.6% +0.3% +0.8% +16.2% -1.4% ● ● ●
IEF 7-10Y Treasury
+3
+6.0
 6.6% NO POSITION 🟢 BULL +0.2% -0.3% +0.1% +4.4% -2.0% ● ● ●
TLT 20Y Treasury
+1
+1.3
 11.6% HALF POSITION 🔵 WEAK BULL -0.1% -0.1% +0.4% +2.6% -3.8% ● ● ●
Commodities
Avg Score: +3 🟢 BULL  ·  Avg VAMS: +1.6
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
DBA Agriculture
+5
+7.0
 9.1% HALF POSITION 🟢 BULL -1.1% +0.6% +3.3% +10.2% -1.6% ● ● ●
DBC Broad Commodities
+5
+2.7
 28.0% MAX POSITION 🟢 BULL -2.1% +2.1% +25.5% +47.2% -2.6% ● ● ●
USO Crude Oil
+7
+1.3
 83.7% HALF POSITION 🟢🟢 STRONG BULL -8.0% +17.5% +80.0% +100.4% -8.6% ● ● ●
GLD Gold
+3
+1.2
 37.0% HALF POSITION 🟢 BULL +2.0% -8.1% +6.4% +59.1% -11.7% ● ● ●
GDX Gold Miners
+3
+0.7
 61.1% HALF POSITION 🟢 BULL +4.0% -3.0% +7.4% +138.7% -15.1% ● ● ●
CPER Copper
+1
+0.4
 34.0% HALF POSITION 🔵 WEAK BULL +2.4% -2.5% -1.3% +36.9% -9.0% ● ● ●
SLV Silver
+1
+0.3
 58.6% HALF POSITION 🔵 WEAK BULL +4.0% -12.2% -1.9% +152.0% -35.2% ● ● ●
WEAT Wheat
-1
-0.6
 24.7% NO POSITION 🟡 WEAK BEAR -3.8% -3.7% +8.1% -5.7% -9.1% ● ● ●
Currencies
Avg Score: +3 🟢 BULL  ·  Avg VAMS: +3.8
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
FXE Euro
+7
+7.0
 8.2% MAX POSITION 🟢🟢 STRONG BULL +1.5% +1.2% +0.6% +7.6% -2.6% ● ● ●
CEW EM Currencies
+7
+7.0
 9.8% MAX POSITION 🟢🟢 STRONG BULL +1.7% +1.2% +2.0% +16.4% -1.0% ● ● ●
FXA Australian Dollar
+5
+6.2
 12.1% MAX POSITION 🟢 BULL +2.6% -0.9% +6.0% +20.0% -0.9% ● ● ●
UUP USD Index
+3
+5.6
 8.0% NO POSITION 🟢 BULL -1.4% -0.2% +0.8% +0.6% -1.8% ● ● ●
FXY Japanese Yen
-5
-7.0
 8.3% AVOID / SHORT 🔴 BEAR +0.3% -0.1% -1.4% -8.5% -11.9% ● ● ●
Volatility
Avg Score: -5 🔴 BEAR  ·  Avg VAMS: -0.8
⚠️ Fear Gauge — Not a directional trade. Rising VIXY = rising market fear = risk-OFF environment. High momentum here is a WARNING signal, not a buy signal. Excluded from main leaderboard rankings.
AssetNameRaw ScoreVAMSVol%PositionSignal 1W%1M%3M%12M% vs 52W High20D50D200D
VIXY VIX Short-Term
-5
-0.8
 90.1% NO POSITION 🔴 BEAR -12.3% -5.7% +16.0% -64.5% -64.5% ● ● ●
Regime Alignment — GOLDILOCKS
Regime auto-loaded from GMRM · 75% bullish signals

How current momentum aligns with the GOLDILOCKS regime playbook. Growth strong, inflation low — full risk-on. Equities, credit, and EM favoured.

FactorRegime SaysMomentum ConfirmsAligned?
General Bias Full risk-on — growth strong, inflation low SPY (+5), QQQ (+5), IWM (+7), DIA (+5) ✅
Beta Max beta — go offensive QQQ (+5), IWM (+7), XLK (+3), XLC (-1) ✅
Geography Global risk-on — US leads, EM participates SPY (+5), EEM (+7), EFA (+7), VGK (+7), EWJ (+7) ✅
Fixed Income Underweight bonds — equities preferred HYG (+7), LQD (+7) ✅
Commodities Neutral — strong growth but no inflation spike CPER (+1), DBC (+5) ✅
Currencies Risk currencies outperform USD FXA (+5), CEW (+7), FXE (+7) ✅
Key Momentum Divergences
⚡ SHY (1-3Y Treasury) has strong momentum (+7) but regime says AVOID (General Bias)
⚡ XLU (Utilities) has strong momentum (+7) but regime says AVOID (Beta)
⚡ SHY (1-3Y Treasury) has strong momentum (+7) but regime says AVOID (Fixed Income)
Disclaimer: Pulse is a quantitative momentum model with VAMS volatility overlay. Momentum signals are trend-following and lagging by nature. VAMS adjusts for realized volatility but does not predict future moves. Always combine with regime analysis and fundamental context. Not financial advice.
Built by @ADZO · Scores calculated from 41 assets using 7 momentum signals, VAMS volatility adjustment, and regime-based position tiers.