PATHFINDER

🚀 Pathfinder continues to outperform the US market. June delivered another strong result, posting a +6% gain, while the major US equity indices closed the month in negative territory. 📈 Pathfinder's total return for 2026 is now above +38%, confirming the strength of our quantitative selection model in identifying market leadership. 📌 Top 5 Picks for July 🏦 Citigroup 🏦 Goldman Sachs 💻 Intel 💾 Micron Technology 🏦 Morgan Stanley A portfolio focused on sectors and companies showing the strongest combination of relative strength, trend, and quantitative ranking. Stay tuned for the July update! 📊

📊 +15% IN LESS THAN ONE MONTH The Cicli & Mercati Megatrend Portfolio was designed with a clear objective: identify the strongest structural trends across global markets through a disciplined quantitative process. Every month, our models analyze a universe of more than 40 Megatrend ETFs, selecting only the instruments with the best strength and Reward/Risk characteristics. 📈 Since the beginning of May, the model’s allocations have delivered very strong performances: * AIAI +20.57% * ECAR +20.52% * WTAI +18.93% * SMH +17.52% * RBOT +10.32% ⚙️ HOW THE PROCESS WORKS 1️⃣ Our proprietary models continuously scan global markets. 2️⃣ The 5 ETFs with the highest Reward/Risk Rating are selected. 3️⃣ Portfolio components are updated every month. 4️⃣ Changes are communicated to subscribers at month-end. 📌 A systematic and disciplined approach built to capture the market’s strongest megatrends while controlling portfolio concentration and risk dynamics. 🧮 Find out more at Cicli & Mercati

📊 CONSUMER SENTIMENT AT HISTORICAL LOWS The Consumer Sentiment Index (CSI) measures the level of confidence US consumers have in the economy. Today, the index stands near its lowest levels in 60 years. Historically, every sharp deterioration in sentiment has coincided with recessionary phases in the US economy, highlighted in the chart by the NBER grey areas. 🔎 However, in recent years, a very important divergence has emerged: 📉 consumer sentiment has deteriorated sharply 📈 financial markets have remained resilient ⚠️ This now opens the door to two possible macro interpretations. 1️⃣  More cautious and less confident consumers could translate into weaker spending and slower growth. 2️⃣  If sentiment stabilises, the divergence could close through a further bullish phase in the market. 💡 Today, the market is facing one of the most significant macro divergences of the past few decades. 🎓 Find out more at Cicli&Mercati

📡 EXPLORER is Cicli&Mercati’s proprietary tool designed to monitor more than 1,000 financial instruments every day, including equities, ETFs, bonds, commodities, cryptocurrencies, and indices. 👉 A quantitative network that collects, organizes, and decodes in real time the signals generated by our proprietary models. It integrates: ➡️ Forecaster → quantitative patterns and statistical probabilities ➡️ Heisenberg → trend structure and pressure ➡️ Trigger → momentum shifts ➡️ RRR → risk/opportunity assessment   🔎 Explorer allows users to: – quickly assess the operational context of an asset – monitor market trends and scenarios – identify relevant quantitative events in real time   ⚖️ One environment. All markets. One quantitative language. 🎓 Try the demo on Cicli&Mercati

📊 Forecaster is our proprietary cyclical pattern-recognition algorithm. It analyses historical market behaviour across multiple timeframes (Weekly, Monthly, Quarterly) to identify patterns already occurred in the past and assesses their probability, expected development, and risk/reward profile. 👉 Because trend prevails over cycles. But cycles help assess their quality, maturity, and statistical reliability. 🔎 Applied to the S&P 500, the model continues to show a constructive structure. ➡️ Strategic setup: NEUTRAL POSITIVE Entry Level: 7234.54 Win/loss ratio: 68/32 ➡️ Tactical setup: FAVORABLE Entry Level: 7152.72 Win/loss ratio: 77/23 Both configurations show strong statistical value, having occurred multiple times since 1928.   ⚠️ However, the most probable subsequent combinations are beginning to lose cyclical quality. 👉 The trend remains dominant, but within a less linear and more selective environment than in previous months.   🧮 Find out more at Cicli&Mercati

📊 US Selection: quantitative strategy focused on the US market An aggressive model that selects each month the 5 stocks with the strongest profitability profile among the 55 most liquid companies in the US market. 👉 No discretion involved. Only algorithms, quantitative rankings, and systematic rotation.   🔎 Model characteristics ➡️ 100% US equity exposure ➡️ Concentrated portfolio (5 stocks) ➡️ Monthly rebalancing ➡️ Focus on momentum and relative strength 📈 Since 2012, the model has delivered: +945% cumulative return ~17.8% annualized return +103% over the last 36 months 👉 Results consistent with a high-volatility approach fully exposed to the market.   💡 Current allocation AMD Amazon Intel Taiwan Semiconductor Texas Instruments ➡️ A clear snapshot of where the model currently identifies the highest relative quality.   ⚖️ In other words: * it does not replicate the S&P 500, * it aims to identify the areas of the US market where the trend remains strongest.   🧮 Find out more at Cicli&Mercati

📊 C-Wave Monthly: a less synchronized market The cyclical structure shows an almost perfect balance between constructive momentum and internal deterioration. 🔎 ADVANCING (37.5%) Nikkei, MSCI World, Nasdaq, Emerging Markets and commodities remain in the expansion phase of the curve. ➡️ The risk-on component is still present ⚠️ DOWN (37.5%) Gold, Europe, China, EUR/USD and US Treasuries are instead concentrated in the Down phase. 👉 Internal dispersion and loss of cyclical quality continue to increase 🛡 UP (12.5%) The Dollar Index and Bunds are starting to reflect a gradual defensive rotation. 📉 TERMINATING (12.5%) Bitcoin and BTPs are positioned in the final stage of the curve, showing a more fragile structure. 💡 Operational insight The picture does not yet signal a fully synchronized bearish reversal, but rather an increasingly evident transition phase: ➡️ less broad-based leadership ➡️ greater divergence across assets ➡️ increased selectivity required 🧮 Find out more at Cicli&Mercati

📉 Buy on Dips: a matter of structure, not price An uptrend is, by definition, non-linear: it alternates between expansion phases and pullbacks. But it is during pullbacks that complexity emerges: ➡️ trend continuation or ➡️ the beginning of a distribution phase ⚠️ The critical point A decline can be: * a simple, healthy pause * structural deterioration Without a framework, the distinction is purely discretionary 📊 Cicli&Mercati approach Buy on Dips signals are derived from a multi-layered system: Trigger → captures early anomalies in price action Heisenberg → measures the exhaustion of selling pressure C-Wave → identifies shifts in the cyclical structure 👉 Not standalone indicators, but a coherent sequence 💡 Operational insight The signal does not coincide with the bottom, but with the moment the market changes behavior ⚖️ In other words: you don’t buy the dip, you buy when the dip stops being one 🧮 Find out more at Cicli&Mercati

📊 STOXX 600 Sector ETFs – RRR Overview This analysis, based on proprietary rating models, highlights where capital is currently flowing 👉 Clear leadership • Energy • Utilities • Telecom These sectors offer the most attractive reward/risk profiles and represent the areas where capital flows are concentrated 👉 Mid-range • Basic Materials • Banks More balanced setups, but worth monitoring, especially in case of improving ratings 👉 Structural weakness • Consumer Staples • Healthcare • Consumer Discretionary The picture here remains weak, with signs of outflows and relative underperformance 💡 Operational takeaway • Focus on the strongest assets • With high or improving ratings • Already supported by solid performance momentum 👉 For new entries or short-term positioning, the focus should remain on sectors in leadership or showing signs of strengthening 🧮 Find out more at Cicli&Mercati

📊 Multi-asset: Discipline over Performance Not all portfolios are worth your time: many follow the market while few truly manage it. 👉 This model is designed to participate in trends while avoiding excesses 🔎 What sets it apart? • It’s dynamic → it adapts to the market environment • It’s disciplined → it enters only under favourable conditions • It’s flexible → it can be offensive or defensive Equities, gold, and bonds are not fixed allocations, but they adjust their weight based on market conditions 📈 Key figures +351% since February 2013 Relatively low volatility (~5.8%) Maximum drawdown ≈ -5.3% 👉 Long-term growth with controlled risk 💡 Strategy • It increases exposure to European equities or gold when conditions are favourable • It reduces risk and shifts into bonds when market conditions deteriorate It is always invested, but it remains adaptive to the market environment ⚖️ In summary: it navigates the market efficiently, with risk as the main driver of returns 👉 Find out more at Cicli&Mercati

🔋 Battery Value Chain: signals still aligned The asset continues to show a solid and consistent technical structure. Prices remain firmly above the main moving averages, confirming a well-established bullish setup. 👉 Constructive backdrop, with no clear signs of short-term deterioration. 🔎 What stands out from the technical picture? Structure above key SMAs → primary trend confirmed Heisenberg in positive sequences → flow still supportive C-Wave in positive territory → no meaningful divergences Trigger high but stable → bullish pressure still active 💡 Operational approach As long as this framework holds: ➡️ prioritize trend continuation 👉 The asset is part of April Megatrend Portfolio selection, find out more on our website

📊 February Review | Pathfinder vs. Market February was not an easy month for U.S. indices. But it was an excellent month for the Pathfinder. With positions opened at the beginning of the month — Alphabet, Exxon, Johnson & Johnson, Micron, SPDR Gold ETF — the portfolio closed at +3.42%. Since the start of the year: • Pathfinder: +15.93% • S&P 500: +0.45% Alpha above +15% in just two months. No commentary needed. The numbers speak for the robustness of the models. 📌 March Asset Allocation (exceptionally shared in real time) Usually reserved for our subscribers, we are publishing it now: Unchanged positions: • Exxon • Johnson & Johnson • SPDR Gold ETF New entries: • Chevron • Coca-Cola Selection is never random. It reflects trend structure, relative strength, and intermarket positioning.

📌 Cyclic position based on C_Wave indicator on a weekly basis. Colors represent trend position (cyan = long, orange = short, white = neutral).

📌 Cyclic position based on C_Wave indicator on a weekly basis. Colors represent trend position (cyan = long, orange = short, white = neutral).

📌 Cyclic position based on C_Wave indicator on a weekly basis. Colors represent trend position (cyan = long, orange = short, white = neutral).

📌 Cyclic position based on C_Wave indicator on a weekly basis. Colors represent trend position (cyan = long, orange = short, white = neutral).