How to read market internals: VIX above 20 = elevated fear, reduce size. VVIX elevated = vol itself is unstable, avoid complex options strategies. Put/Call above 0.9 = bearish lean. Breadth below 50% = weak market structure. Credit spreads (HYG/LQD) widening = institutional risk-off. Sector rotation: cyclicals (Tech, Financials, Energy, Industrials) leading defensives (Healthcare, Utilities) = risk-on. The composite score combines all signals into a single 0–100 reading.