Flows are rotating into FRSH while ESE weakens

🇺🇸 Equities are seeing a notable shift toward fresh buying, but the dominant flow remains sharply skewed toward exits, raising caution. With 149 outflows versus 127 inflows, the market's overall tone is still cautious, despite the recent uptick in buying interest. The largest outflow is from $ESE (ESCO Technologies Inc.), with a $253M exit, while the top inflow into FRSH registers at $85M. This divergence underscores a risk-off environment that is only partially offset by selective buying in certain themes. The next key test is whether inflows in FRSH can sustain or expand, signaling a potential shift in underlying momentum. Until then, the dominant exit flow keeps the broader market vulnerable to further downside.