Flows are rotating into FRSH while ESE weakens

🇺🇸 Equities are seeing a notable shift toward selective buying, but caution is warranted as the dominant flow remains heavily weighted toward exits. The latest snapshot shows 145 outflows versus 128 inflows, with the largest exit from $ESE (ESCO Technologies Inc.) at -$233M, confirming persistent selling pressure in that theme. Meanwhile, fresh buying is concentrated around FRSH, which attracted +$65M, signaling some pockets of interest amid broader distribution. This divergence underscores a market still driven by rotation and sector-specific moves rather than broad strength. The key next step is to watch if inflows into FRSH sustain and broaden beyond the leader, or if outflows in ESE and other themes accelerate. For now, the market remains vulnerable to further downside unless the inflow momentum consolidates into a more cohesive bid.