Tier 3: Cached alts (16-coin basket) Led. Defense Lagged.

Crypto took the week outright. Tier 3: Cached alts (16-coin basket) gained +4.6%, and the average crypto complex +1.5% against +0.3% for the average equity complex, across 27 tracked complexes of which 19 advanced.

1 subjects strengthened in every one of the 5 sessions: Semiconductors; 1 deteriorated in every one of them (Defense). 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 Tier 3: Cached alts (16-coin basket) advance as the story. That is what the weekly horizon adds.

Both sides advanced: this was outperformance, not capital moving between them. Polaris measures returns and holds no flow-of-funds evidence.

The advance was concentrated in Tier 3: Cached alts (16-coin basket) (+4.6%), Commodities Broad (+3.6%) and Industrials (+3.6%); against it, Defense (-4.7%), Materials (-2.3%) and Software (-2.1%). All measured close to close over the week, not single-session pops.

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

Held all week: Semiconductors (2/5 sessions, seen in 2 separate daily sections).

New this week: Pipelines (from 2026-09-03, 2/5 sessions). Fewer than a full week of evidence — candidates, not conclusions.

Measured damage: Defense -4.7%, Materials -2.3% and Software -2.1%.

Slipped but still leading: Uranium (4→6) and Theme: Stablecoin Infrastructure (2→3) — still inside the leadership tercile. A shuffle among leaders is a different event from leaving it.

Already weak and still weak: Industrials (20→19) and Insurance (19→18) — 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), Materials (2/5) and Mid Caps (1/5).

Dropped during the week: Precious-metals leadership (broad) (last held 2026-09-02), Silver Miners (last held 2026-09-02), Uranium (last held 2026-09-02), REITs (last held 2026-09-02) and Insurance (last held 2026-08-31) — no longer seen, not reversed.

3 risk conditions were active in every one of the 5 sessions this week: Leadership concentration, Thesis invalidation and Market Stress — LOW. A risk that stays lit for a full week of sessions is not an alert; it is the current environment.

The AI complex over the week: Semiconductors +3.3%, Software -2.1%, Mag 7 +0.9% — an average of +0.7%.

That is 0.3 points of relative outperformance against an equity complex averaging +0.3%. Continued outperformance next week would strengthen the case that leadership is consolidating in the complex.

AI-related convictions: Semiconductors (sustained), Semiconductors (sustained), Mag 7 (single_session).

Crypto has clearly separated from the other major complexes, and Silver and Gold have also turned higher over the past month. Within the metals, the miners are moving considerably faster than the metals themselves. Broad equities, meanwhile, have gone essentially nowhere. Inside AI / Hyperscalers, leadership is splitting rather than moving together. Current ordering: Crypto → Silver → Gold → Broad equities → AI / Hyperscalers.

Rotation Pulse kept Software, Commodities Broad, 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: Materials and Pipelines — each with fewer than a full week of evidence behind it.

Asserted once and not repeated: Commodities Broad (2026-09-03), DE (2026-09-02), Mag 7 (2026-09-01) and Utilities (2026-09-03) — a single session that does not recur was a day, not a trend.

The specific test: whether crypto retains relative leadership after this week's repricing. 3 crypto complexes currently sit in the leadership tercile, Tier 3: Cached alts (16-coin basket) 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: Precious-metals leadership (broad), Silver Miners, Uranium, REITs and Insurance.

Tier 3: Cached alts (16-coin basket) Led. Defense Lagged.

Tier 3: Cached alts (16-coin basket) +4.6% against Defense -4.7% over 2026-08-28→2026-09-04; crypto average +1.5% vs equity average +0.3%; 6 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 2026-08-28 to 2026-09-04, followed by every conviction Polaris carried during the week and the provenance record for the five daily editions this week was built from.