We are upgrading the S&P 500’s technical ranking by 5 points this week to –40. The market remains left of center in bearish bias, but this week marks the first real technical progress we’ve seen since the correction began. Structure is finally forming. Support has improved. Macro headlines have softened. Earnings are starting to matter. These early shifts don’t erase the risks, but they do warrant an incremental upgrade while we continue to track the bear stop-out pattern playing out across the major indexes.