The classification changed to narrow_leadership: energy and energy exploration lead, but both deterministic transitions remain emerging because persistence or volume confirmation is incomplete. Semiconductors show short-term improvement, weakening the prior breakdown thesis, while intermediate relative weakness, mega-cap concentration, and the parent-relative-leadership veto remain unresolved.

The market regime is mixed_or_unstable, with evidence available. energy remains a confirmed breakout, and energy_exploration has joined the confirmed breakout set. No emerging or pre-breakout candidate is supplied. health_care carries the highest exhaustion risk, while hardware_networking and life_science_tools remain mature extended leadership. Fundamental, revision, and verified ETF-flow context is unavailable, so narrative confidence is reduced.