The Power Index ranks five core style factors by relative performance for the current weekly window, using the move from Monday close to the latest available close within the Wednesday publication cycle.
This was not a full reset.
The top of the table changed. The bottom did not.
In the prior window, Momentum was near the top and Growth was already weak. In this window, Momentum moved into first place and Growth stayed fifth. Low Volatility remained near the top. Quality stayed in the middle. Value stayed in the lower half.
That is not broad rotation. It is a partial reorder with the same weak spot still stuck at the bottom.
Ranked: The Split
Money is not moving in one clean direction.
It is paying for winners, but it is also paying for safety.
Momentum finished first. Low Volatility finished second. Quality held third. Value stayed fourth. Growth remained last.
That order matters.
It shows a market that is still willing to chase strength, but not willing to do it in a broad and aggressive way. If this were a clean expansion trade, Growth would not still be sitting fifth.
That is the first real signal.
Momentum leading while Growth stays last is a split structure.
Normally, those two factors have a closer relationship. Here, they do not. Momentum is being rewarded. Growth is still being passed over. That tells you capital is rotating inside the existing winners, not opening the door to a wider risk bid.
The second signal is persistence at the bottom.
Growth stayed fifth for a second straight read. No bounce. No escape from the floor. That kind of repeat matters because it tells you the laggard is not just having a bad day. It is still outside the preferred trade.
There is also a clear clustering in the table.
The top three are Momentum, Low Volatility, and Quality. The bottom two are Value and Growth.
That grouping gives the market away.
Money is favoring strength and stability, not deep cyclicality and not long-duration optimism.
Quality sitting third helps confirm that. It is not leading, but it is close enough to the top to show that capital still wants balance. Low Volatility at second strengthens that same point. This is not a table that reads like full risk-on enthusiasm.
Value at fourth adds to the message too. It is not collapsing. It is just not where capital wants to concentrate right now.
So the structural read is clean:
Momentum moved into first.
Low Volatility stayed near the top.
Growth stayed last.
That is not broad leadership. That is selective leadership.
The open tension is still there. If Momentum keeps leading but Growth keeps failing to lift, then this market is getting narrower, not healthier. The table does not resolve that yet. But it does make one thing clear:
Leadership moved. Participation did not.