← Sector signals / Sentiment

Sentiment

How upbeat or washed out the major indexes and the stocks behind each of our 180 sectors are today, on a 0 to 100 gauge from Capitulation to Euphoria, and what has followed readings like it before. Each is measured against its own last three years, so a reading means the same in a quiet sector as in a wild one.

S&P 500 $SPY 01005 Capitulation Nasdaq 100 $QQQ 01000 Capitulation Russell 2000 $IWM 010021 Skepticism Dow Jones $DIA 010025 Skepticism

Medical devices & surgical robotics

010085

Optimism

In Optimism, steady · as of November 5, 2026

The signal, from historical precedent

No clear edge

Since 2018, Medical devices & surgical robotics has been in Optimism and steady 20 separate times. After those, its stocks beat their usual three months 11 times (55%), by a median of +1.8 points.

They rose over the next three months 60% of the time, against 62% usually (a usual three months: +4.1%).

Across all 180 sectors, the same state beat the usual 48% of the time over 3,626 episodes, by a median of −0.7 points.

After readings like this60%
Any three months62%

Confidence: low, a split like this is common by chance, so no edge is called.

Previous close82 Optimism
1 week ago81 Optimism
1 month ago37 Skepticism
3 months ago55 Balance
1 year ago28 Skepticism

The last two years, week by week

Shaded bands are the five zones, Capitulation at the bottom to Euphoria at the top.

The seven measures

Trend

77 Optimism

+10.0% against the 125 day average

The sector's stocks against their 125 day average.

Highs vs lows

54 Balance

57% of the way up their 52 week ranges

Where the stocks sit between their 52 week low and high.

Participation

97 Euphoria

100% above their 20 and 50 day averages

How many of the stocks are above their 20 and 50 day averages.

Buying pressure

91 Euphoria

63% of dollar volume on up days

The share of dollar volume traded on up days over the last 20 sessions.

Calm

6 Capitulation

Swings 1.6 times their usual size

Price swings against their usual size. Quieter markets read as more confident.

Leadership

100 Euphoria

+21.0 points against the S&P 500

Performance against the S&P 500 over the last 20 sessions.

Short term heat

77 Optimism

RSI 63

The 14 day RSI: how stretched the last few weeks are.

Measured on this sector's basket: $ISRG, $SYK, $MDT, $PRCT, $GMED. Read the sector write-up →

Every sector

SectorStage Reading1 week Signal
AI Infrastructure Flight 0 Capitulation −14 No clear edge
Energy & utilities Orbit 13 Capitulation −18 No clear edge
Healthcare Flight 97 Euphoria −2 No clear edge
Industrials Orbit 30 Skepticism −17 No clear edge
Transportation & logistics Flight 85 Euphoria +6 No clear edge
Agriculture & food Launch Pad 24 Skepticism +15 No clear edge
Real estate & construction Orbit 19 Skepticism −3 No clear edge
Defense & aerospace Orbit 40 Balance −17 No clear edge
Education & workforce Orbit 21 Skepticism −12 No clear edge
Legal & professional services Flight 94 Euphoria 0 No clear edge
Materials & mining Launch Pad 7 Capitulation −8 No clear edge
Telecom & connectivity Orbit 3 Capitulation +2 No clear edge
Media, entertainment & gaming Liftoff 43 Balance +6 No clear edge
Insurance Flight 63 Optimism +2 No clear edge
Government & public sector Flight 73 Optimism −15 No clear edge
Semiconductors & equipment Flight 0 Capitulation −3 No clear edge
Space economy Flight 1 Capitulation −4 No clear edge
Biotech & life-science tools Orbit 33 Skepticism −36 No clear edge
Automotive & mobility Orbit 10 Capitulation −10 No clear edge
Chemicals & advanced materials Orbit 63 Optimism −8 No clear edge
Water & environmental services Orbit 87 Euphoria +44 No clear edge
Quantum & frontier computing Flight 5 Capitulation −3 No clear edge
Nuclear & small modular reactors Launch Pad 1 Capitulation −7 No clear edge
Robotics & humanoid systems Launch Pad 5 Capitulation −15 No clear edge
Digital health & care delivery Orbit 69 Optimism −4 No clear edge
Maritime, ports & shipping Orbit 4 Capitulation −44 No clear edge
Waste, recycling & the circular economy Orbit 90 Euphoria +4 No clear edge
Restaurants & food service technology Orbit 80 Optimism +5 No clear edge
Identity, trust & authentication Orbit 18 Skepticism −58 No clear edge
Pharma manufacturing & CDMOs Orbit 82 Optimism −17 No clear edge
Medical devices & surgical robotics Orbit 85 Euphoria +4 No clear edge
Animal health & veterinary services Orbit 87 Euphoria +17 No clear edge
Home services & facilities management Launch Pad 12 Capitulation −3 No clear edge
Packaging, labeling & print Launch Pad 68 Optimism −22 No clear edge
Rail & freight infrastructure Launch Pad 75 Optimism +8 No clear edge
Senior care & long-term services Liftoff 52 Balance +30 No clear edge
Publishing & information services Flight 87 Euphoria −5 No clear edge
Consumer electronics & on-device AI Orbit 4 Capitulation −38 No clear edge
Fusion energy Launch Pad 1 Capitulation −3 No clear edge
Geothermal & next generation baseload Liftoff 25 Skepticism −27 No clear edge
Neurotechnology & brain interfaces Launch Pad 26 Skepticism −6 No clear edge
Agentic enterprise automation Flight 34 Skepticism −37 No clear edge
Thermal management & data center cooling Flight 0 Capitulation −8 No clear edge
AI assurance & model risk Launch Pad 12 Capitulation −31 No clear edge
Synthetic biology & biomanufacturing Launch Pad 13 Capitulation −26 No clear edge
Carbon capture & industrial decarbonization Launch Pad 79 Optimism −19 No clear edge
Additive manufacturing at production scale Orbit 0 Capitulation −15 No clear edge
Grid software & virtual power plants Liftoff 4 Capitulation +1 No clear edge
Edge AI & embedded inference Liftoff 2 Capitulation −7 No clear edge
Autonomous laboratories & AI for science Launch Pad 69 Optimism −14 No clear edge
Critical minerals processing & refining Flight 2 Capitulation −5 No clear edge
Drone logistics & advanced air mobility Launch Pad 9 Capitulation −3 No clear edge
Industrial heat & electrification Launch Pad 3 Capitulation −12 No clear edge
Regenerative medicine & cell therapy manufacturing Launch Pad 90 Euphoria −6 No clear edge
Operational technology security Orbit 12 Capitulation −55 No clear edge
Voice AI & conversational infrastructure Flight 19 Skepticism −31 No clear edge
Battery recycling & urban mining Launch Pad 13 Capitulation −4 No clear edge
Construction robotics & industrialized building Launch Pad 31 Skepticism −11 No clear edge
Semiconductor packaging & substrates Flight 1 Capitulation −7 No clear edge
Sovereign AI & national compute Flight 0 Capitulation −4 No clear edge
Hydrogen & industrial fuels Launch Pad 9 Capitulation −8 No clear edge
Transmission & grid hardware Flight 1 Capitulation −4 No clear edge
Precision fermentation & alternative proteins Launch Pad 10 Capitulation −11 No clear edge
Controlled environment agriculture Launch Pad 51 Balance +31 No clear edge
Wildfire, flood & disaster resilience Launch Pad 15 Skepticism −13 No clear edge
Mining automation & autonomous haulage Orbit 1 Capitulation −7 No clear edge
Photonics & optical computing Flight 0 Capitulation −5 No clear edge
Semiconductor metrology & inspection Orbit 0 Capitulation −3 No clear edge
Digital twins & industrial simulation Liftoff 97 Euphoria 0 No clear edge
Cold chain & pharmaceutical logistics Orbit 100 Euphoria +3 No clear edge
Clinical trials technology Orbit 79 Optimism −19 No clear edge
Medical imaging AI Liftoff 96 Euphoria +24 No clear edge
Genomics & sequencing Orbit 31 Skepticism −32 No clear edge
Behavioral & mental health technology Orbit 92 Euphoria +3 No clear edge
Wealth & asset management technology Orbit 33 Skepticism +13 No clear edge
Financial crime & fraud prevention Liftoff 71 Optimism −5 No clear edge
Regulatory technology & compliance automation Liftoff 98 Euphoria −1 No clear edge
Tokenization & market infrastructure Launch Pad 45 Balance +10 No clear edge
Privacy enhancing technologies Launch Pad 76 Optimism −21 No clear edge
Content provenance & synthetic media detection Launch Pad 87 Euphoria −3 No clear edge
AI inference infrastructure & model serving Flight 0 Capitulation −4 No clear edge
Enterprise search & knowledge infrastructure Flight 9 Capitulation −49 No clear edge
Developer tooling & software supply chain Flight 37 Skepticism −53 No clear edge
Music, audio & voice production Flight 97 Euphoria +7 No clear edge
Retail media & commerce advertising Orbit 45 Balance +21 No clear edge
Corporate travel & expense technology Orbit 70 Optimism +28 No clear edge
Industrial distribution & MRO supply Orbit 25 Skepticism −7 No clear edge
Emissions measurement & environmental data Launch Pad 97 Euphoria 0 No clear edge
Aquaculture & ocean food systems Launch Pad 38 Skepticism −14 No clear edge
Small business software & embedded finance Launch Pad 74 Optimism −6 No clear edge
Payments infrastructure & real time rails Orbit 56 Balance 0 No clear edge
Cybersecurity for AI systems Liftoff 12 Capitulation −47 No clear edge
Insurance claims automation Liftoff 74 Optimism +4 No clear edge
Warehouse automation & fulfilment robotics Orbit 27 Skepticism −22 No clear edge
Textiles, apparel & materials innovation Launch Pad 93 Euphoria +17 No clear edge
Sports technology & fan engagement Orbit 61 Optimism +26 No clear edge
Dental & vision care technology Launch Pad 85 Euphoria +9 No clear edge
Payments fraud & chargeback management Liftoff 73 Optimism +12 No clear edge
Industrial gases & specialty chemicals for AI Launch Pad 88 Euphoria −4 No clear edge
Airlines, airports & aviation operations Orbit 50 Balance +20 No clear edge
Cloud cost & infrastructure optimisation Flight 5 Capitulation −48 No clear edge
Rare earth magnets & motor supply Liftoff 0 Capitulation −2 No clear edge
Elder tech & aging in place Launch Pad 48 Balance −2 No clear edge
Semiconductor design automation & IP Flight 6 Capitulation −26 No clear edge
Modular & offsite construction Launch Pad 94 Euphoria +40 No clear edge
Weather intelligence & climate analytics Launch Pad 29 Skepticism −3 No clear edge
Digital freight & brokerage automation Launch Pad 28 Skepticism +4 No clear edge
Photovoltaics & solar manufacturing Orbit 68 Optimism +49 No clear edge
Grid scale energy storage Liftoff 1 Capitulation −8 No clear edge
Pet care & companion animal health Orbit 90 Euphoria +10 No clear edge
Contract electronics & advanced assembly Orbit 0 Capitulation −1 No clear edge
Water treatment technology & PFAS remediation Liftoff 83 Optimism +8 No clear edge
Robotic process automation to agentic operations Launch Pad 45 Balance −37 No clear edge
Precision oncology & companion diagnostics Liftoff 33 Skepticism −16 No clear edge
Industrial cybersecurity for critical infrastructure Liftoff 47 Balance −48 No clear edge
Digital identity & verifiable credentials Liftoff 53 Balance −39 No clear edge
Semiconductor test & burn in Liftoff 5 Capitulation −15 No clear edge
Live events, venues & ticketing Orbit 35 Skepticism +25 No clear edge
Alternative data & investment research infrastructure Orbit 100 Euphoria +1 No clear edge
Refrigerants & thermal chemistry transition Liftoff 39 Skepticism −14 No clear edge
Simulation & synthetic training data Launch Pad 46 Balance −15 No clear edge
Fertility, women's health & family formation Launch Pad 91 Euphoria +4 No clear edge
Battery materials & cathode supply Liftoff 12 Capitulation −1 No clear edge
Field service management & the skilled trades Launch Pad 3 Capitulation −8 No clear edge
Green steel, cement & heavy industry decarbonisation Launch Pad 68 Optimism −21 No clear edge
Telehealth & virtual specialty care Orbit 53 Balance −8 No clear edge
Vertical software for regulated trades Launch Pad 82 Optimism +6 No clear edge
Nuclear fuel cycle & enrichment Liftoff 5 Capitulation −14 No clear edge
Restaurant & hospitality automation Launch Pad 96 Euphoria +8 No clear edge
Data centre construction & power procurement Flight 2 Capitulation −2 No clear edge
Digital banking infrastructure & core modernisation Launch Pad 81 Optimism +14 No clear edge
Industrial robotics retrofit & cobots Launch Pad 2 Capitulation −4 No clear edge
Space based earth observation & analytics Liftoff 12 Capitulation −12 No clear edge
Compliance & surveillance for communications Flight 62 Optimism −35 No clear edge
Agricultural robotics & precision spraying Liftoff 41 Balance +22 No clear edge
Learning technology & workforce reskilling Orbit 9 Capitulation −21 No clear edge
Medical supply chain & hospital procurement Orbit 92 Euphoria +20 No clear edge
Carbon markets & environmental commodity trading Launch Pad 94 Euphoria −6 No clear edge
Semiconductor fab equipment services & parts Liftoff 2 Capitulation −4 No clear edge
Consumer credit & underwriting technology Orbit 23 Skepticism −31 No clear edge
Marine electrification & port automation Launch Pad 2 Capitulation −3 No clear edge
Recruitment, screening & workforce platforms Orbit 97 Euphoria −2 No clear edge
Rare disease & gene therapy commercialisation Launch Pad 32 Skepticism −29 No clear edge
Smart buildings & commercial real estate technology Orbit 66 Optimism −12 No clear edge
Autonomous trucking & middle mile freight Orbit 0 Capitulation −1 No clear edge
Prediction markets & event contracts Orbit 47 Balance +15 No clear edge
Industrial water reuse & zero liquid discharge Orbit 88 Euphoria +10 No clear edge
Digital therapeutics & remote patient monitoring Orbit 79 Optimism +22 No clear edge
Defence electronics & counter drone systems Liftoff 14 Capitulation −17 No clear edge
Franchise & multi location operations software Orbit 75 Optimism −12 No clear edge
Advanced ceramics & high temperature materials Orbit 0 Capitulation −1 Buy setup
Municipal & public sector technology Orbit 93 Euphoria +7 No clear edge
Biomanufacturing capacity & fermentation infrastructure Orbit 83 Optimism −9 No clear edge
Insurance distribution & embedded coverage Orbit 71 Optimism +13 No clear edge
Quantum sensing & precision measurement Launch Pad 0 Capitulation −4 No clear edge
Circular electronics & IT asset disposition Orbit 74 Optimism −9 No clear edge
Speciality pharmacy & drug access services Orbit 58 Balance −13 No clear edge
Composites & lightweight structures Orbit 35 Skepticism +19 No clear edge
Regional & short haul aviation electrification Launch Pad 31 Skepticism +20 No clear edge
Chemical recycling & advanced plastics recovery Launch Pad 56 Balance −24 No clear edge
Trade compliance & customs technology Orbit 97 Euphoria +3 No clear edge
Rural broadband & fixed wireless access Liftoff 3 Capitulation −4 No clear edge
Wearables & continuous biometric monitoring Orbit 70 Optimism +7 No clear edge
Local & community media rebuilding Launch Pad 43 Balance +18 No clear edge
Hydrogen fuel cells for heavy duty transport Launch Pad 2 Capitulation −4 No clear edge
Digital asset custody & institutional infrastructure Liftoff 4 Capitulation −11 No clear edge
Precision fermentation for materials & chemicals Launch Pad 18 Skepticism −44 No clear edge
Autonomous maritime & uncrewed vessels Launch Pad 20 Skepticism −12 No clear edge
Enterprise data infrastructure & lakehouse platforms Liftoff 8 Capitulation −49 No clear edge
Building materials & construction supply Orbit 85 Euphoria +16 No clear edge
Robotic surgery & interventional platforms Orbit 85 Euphoria +4 No clear edge
Media localisation & translation infrastructure Orbit 9 Capitulation −2 No clear edge
Distributed energy resources & microgrids Orbit 13 Capitulation +4 No clear edge
Semiconductor materials recovery & fab recycling Launch Pad 3 Capitulation −12 No clear edge
Franchised healthcare & retail clinics Orbit 88 Euphoria −4 No clear edge
Test & measurement instrumentation Orbit 4 Capitulation −21 No clear edge
Waste heat recovery & industrial efficiency Launch Pad 10 Capitulation −12 No clear edge
Assistive technology & accessibility infrastructure Orbit 45 Balance −41 No clear edge
Advanced packaging for AI accelerators Liftoff 0 Capitulation −7 No clear edge
Frontier model evaluation & AI benchmarking Launch Pad 4 Capitulation −22 No clear edge

How it works

Like the familiar fear-and-greed gauges, the Sentiment blends several market measures into one number. It differs in three ways.

Sector by sector. Each of the 180 sectors is measured on its own basket of listed companies: trend, highs against lows, participation, buying pressure, calm, leadership against the S&P 500 and short term heat.

Against its own history. Every measure, and the blend, is scored against the sector's last three years. A reading of 90 means the mood is more upbeat than on 90% of the sector's days in that time; under 15 is Capitulation, over 85 is Euphoria.

Signals from precedent, not assumption. For the state a sector is in (its zone and which way it is moving, or a turn out of Capitulation or Euphoria), we look up every past episode like it and what the sector's stocks did over the following three months against what they usually did. A buy or sell setup appears only when that record is consistent enough to be unlikely to be chance. Across all sectors together, no state has had much of an edge, so most days most sectors read "no clear edge": that is the honest answer, and the setups that do show are the exceptions history supports.

Readings are updated after each market close, most recently November 5, 2026. Historical precedent describes what happened before; it is not a forecast or a recommendation, and past patterns can stop working. Educational content only, not investment advice. Full disclosures.

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