Software Led. Theme: ISO / Settlement Networks Lagged.

Equities took the week outright. Software gained +7.6%, and the average crypto complex -2.8% against -0.6% for the average equity complex, across 27 tracked complexes of which 7 advanced.

4 subjects strengthened in every one of the 5 sessions: Silver Miners, Uranium, Gold Miners and Precious-metals leadership (broad); 2 deteriorated in every one of them (Defense and Insurance). Persistence across 5 consecutive daily reads separates sustained evidence from a one-session observation.

Underneath the returns the ranking re-ordered: 12 complexes held their place in the leadership tercile. A complex can rise in price and still lose rank if others rose faster.

Polaris revised its daily verdict on 5 of 5 sessions, tracking breadth and sector damage day by day — yet no single session named the Software advance as the story. That is what the weekly horizon adds.

The advance was concentrated in Software (+7.6%), Mag 7 (+2.2%) and Theme: Stablecoin Infrastructure (+2.2%); against it, Theme: ISO / Settlement Networks (-7.1%), Industrials (-5.7%) and Theme: Payment Rails (-5.5%). All measured close to close over the week, not single-session pops.

By rotation rank, held the leadership tercile all week: Software, Precious Metals, Gold Miners, Silver Miners, Uranium and Tier 1: BTC.

Held all week: Silver Miners (5/5 sessions), Uranium (5/5 sessions, seen in 2 separate daily sections), Gold Miners (4/5 sessions) and Precious-metals leadership (broad) (4/5 sessions).

New this week: Semiconductors (from 2026-08-27, 2/5 sessions). Fewer than a full week of evidence — candidates, not conclusions.

Measured damage: Theme: ISO / Settlement Networks -7.1%, Industrials -5.7% and Theme: Payment Rails -5.5%.

Already weak and still weak: Utilities (19→18) and Insurance (20→19) — bottom tercile throughout. A marginal rank gain here is not a recovery, only a less weak position among the weak.

Convictions still calling deterioration at the close: Defense (5/5), Insurance (5/5) and REITs (3/5).

Dropped during the week: Thesis invalidation (last held 2026-08-27), Materials (last held 2026-08-25) and Utilities (last held 2026-08-24) — no longer seen, not reversed.

2 risk conditions were active in every one of the 5 sessions this week: Active Danger Zone conditions and Leadership concentration. A risk that stays lit for a full week of sessions is not an alert; it is the current environment.

Newly activated: Crash Cascade activity (2026-08-28).

The AI complex over the week: Semiconductors -1.3%, Software +7.6%, Mag 7 +2.2% — an average of +2.8%.

That is 3.4 points of relative weakness against an equity complex averaging -0.6%. Continued underperformance next week would strengthen the case that leadership is rotating away from the complex.

AI-related convictions: Semiconductors (emerged).

On 2026-08-24 the strongest of the four complexes over 21 days was Crypto (+23.9%), with Equities (broad) the weakest (+3.3%). By 2026-08-28 that had inverted: Crypto strongest (+24.9%), Equities (broad) weakest (+3.7%).

Rotation Pulse kept Software, Precious Metals, Gold Miners and Silver Miners inside the leadership tercile over the same interval — the shift at the top did not displace them.

Methodology note: Wen Moon reports measured direction only. It does not classify these complexes as ranging, building or breaking out — that classifier is not validated.

Confirm or discard: REITs and Semiconductors — each with fewer than a full week of evidence behind it.

Asserted once and not repeated: Commodities Broad (2026-08-27) — a single session that does not recur was a day, not a trend.

The specific test: whether equities retains relative leadership after this week's repricing. 5 equities complexes currently sit in the leadership tercile, Software at rank 3. Continued strength, consolidation while holding leadership, or broadening participation would reinforce the move; a sharp reversal and loss of relative rank would weaken it.

Watch for re-emergence: Thesis invalidation, Materials and Utilities.

Software Led. Theme: ISO / Settlement Networks Lagged.

Software +7.6% against Theme: ISO / Settlement Networks -7.1% over 2026-08-21→2026-08-28; crypto average -2.8% vs equity average -0.6%; 9 subjects held all 5 sessions.

If you wanted to know what happened this week, what is leading, and what matters next week — you have it. That was the publication.

What follows is the working: the full measured table for every tracked complex, the complete conviction ledger showing which calls Polaris held and which it dropped on which day, and the provenance record identifying exactly which intelligence runs and which daily editions this week was built from. It is here so the conclusions above can be checked rather than trusted.

Every tracked complex, measured close-to-close from 2026-08-21 to 2026-08-28, followed by every conviction Polaris carried during the week and the provenance record for the five daily editions this week was built from.