Flows are rotating into ESI while DD weakens

🇺🇸 Equities are seeing a notable flow reversal, with inflows now outpacing outflows for the first time in recent sessions. The shift underscores a tentative shift in trader sentiment, but caution remains warranted given the dominant outflow from $DD. Proof lies in the data: inflows to ESI have reached +$78M, leading all themes, while DD remains the largest outflow at -$31M. The overall flow count shows 104 inflows versus 130 outflows, signaling that despite some buying interest, selling pressure is still prevalent. What matters next is whether this inflow momentum sustains or if outflows resume, especially in key names like DD. A sustained bid in ESI and other themes could hint at a broader shift, but the market remains vulnerable until inflows confirm a more durable change.