The index barely moved. The market underneath it did not.

The Phase Report, Issue No. 1. July 2026.

July looked quiet. It wasn’t.

If you only glanced at the S&P 500, you could be forgiven for thinking nothing much happened.

But underneath that headline number, the market shifted.

Interest rates climbed to their highest level in around eighteen months. Technology stumbled while the broader market held together. Commodities quietly strengthened from historically depressed levels. Gold paused, but the reasons supporting it remained firmly in place.

Those are the kinds of changes I care about.

Each month I publish The Phase Report, where I step back from the headlines and read the market environment through the Phase First framework.

It’s my assessment of where the major asset classes sit in their cycle, what changed during the month, what I’m watching closely, and what could change my mind.

The full July Phase Report is available below for paid subscribers.