Reporting Period: March 2 – March 31, 2026 1. Monthly Overview March marked the first regime transition since the launch of the MTS framework. From a regime perspective, the month began under the Up regime , supported by relatively strong earnings momentum. However, in mid-March, a deterioration in Earnings Strength  caused the MTS score to fall below the threshold required to sustain the Up regime. This triggered the first regime shift from Up to Neutral , leading to the sys