Themes / Group
Inactive · established relationshipLatest completed snapshot · Sep 9 · 16:27 ET

MARKET-DISCOVERED GROUP

Software Companies

THE TRADER READRecurring relationship, inactive in the latest snapshot

0 of 8 measured SPY-adjusted paths align to the mixed across 4.5 effective names. S, AMD are also moving with filing-linked members. Capital flow shows accumulation with 76% agreement. No verified headline preceded the measured move.

Price breadth2 up · 6 down-0.1% median path versus SPY
Capital-flow alignment76%Accumulation confirmed by signed flow
Activity nowCalmActivity score 0/100 · lift 0.8×
Evidence depth3 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:40–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceZS registered the first material upside path

    +1.49% session path at the threshold · ZS

  2. 5-minute inferenceRPD registered a material upside path

    +1.70% session path at the threshold · RPD

  3. 5-minute inferenceCGNT registered a material upside path

    +0.52% session path at the threshold · CGNT

  4. 5-minute inferencePANW registered a material downside path

    -0.83% session path at the threshold · PANW

2 earlier filing context receipts

WED, SEP 10ZS filing documented shared operating contextproduct pipeline / R&D affecting expense · date precision only

WED, AUG 5AXON filing documented shared operating contextproduct pipeline / R&D affecting expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is balanced across 4.5 effective names. ZS represents 32.9% of absolute path energy; 0 of 8 members align without a clean common direction.

ConstructionBalanced32.9% from the largest path
Effective names4.5 / 8Movement diversity after concentration
Direction breadthMixedmixed relative path · 0 counter-moving
Largest moverZS 32.9%58.9% from the top two paths
ZS32.9%Dominant mover · path +2.04% · basket +0.26pp
RPD26.0%Dominant mover · path +1.61% · basket +0.20pp
CGNT14.7%Independent direction · path +0.92% · basket +0.11pp
PANW13.4%Independent direction · path -0.83% · basket -0.10pp
NVDA5.2%Independent direction · path -0.33% · basket -0.04pp
RDVT4.4%Independent direction · path -0.28% · basket -0.04pp
AXON3.2%Independent direction · path -0.20% · basket -0.03pp
FTNT0.1%Flat / inactive path · path +0.01% · basket +0.00pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. ZS moved higher firstFirst member to clear the material path threshold · path +1.49%
  2. RPD registered a material higher path0m after the first price move · path +1.70%
  3. CGNT registered a material higher path0m after the first price move · path +0.52%
  4. PANW registered a material lower path0m after the first price move · path -0.83%
  5. AXON registered a material lower path0m after the first price move · path -0.74%
  6. FTNT registered a material higher path60m after the first price move · path +0.48%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Sep 9 · 09:40 ETMove visible 11:35 ETSep 9 · 15:55 ET
Group median -0.10%Strongest relative path ZSWeakest relative path PANW

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

7/8 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AXON, PANW, RPD, ZS.

product pipeline / R&D affecting expense

“The remainder of the increase in research and development expenses was primarily attributable to increased expenses of $24.9 million in facility, software and equipment-related expenses to support our growth and $2.4 million in travel expenses.”

ZS 10-K · 2025-09-11
credit / rates affecting interest expense

“The gains and losses related to changes in the fair value of the interest rate swap contracts are included within interest expense in the condensed consolidated statement of operations and substantially offset changes in the fair value of the hedged portion of the underlying convertible senior notes that are attributable to the changes in underlying benchmark interest rates.”

ZS 10-Q · 2025-11-25
demand / volume affecting revenue

“primarily driven by supplier prepayments, receivables for income tax, and commissions as bookings continue to grow, and $21.6 million of deferred revenue.”

AXON 10-Q · 2025-11-05
CONFIRMATION NETWORK

Outsiders and cross-asset links

2 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

SMoving with group

ZS · text peer

AMDMoving with group

NVDA · text peer

QLYSNot confirming

PANW · text peer

CRWDNot confirming

PANW · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
ZSAXONNVDAFTNTPANWRPDCGNTRDVT

5/8 active2 rising · 6 falling

MemberUnusual activityToday's moveRead now
ZSZscaler, Inc.
Most unusual · 100/100
+2.6%
Dominant path moverActive in 0% of observed group sessions
AXONAxon Enterprise, Inc.
Elevated · 63/100
-3.1%
Flow divergenceActive in 0% of observed group sessions
NVDANVIDIA Corporation
Elevated · 54/100
-0.9%
Flow confirmerActive in 0% of observed group sessions
FTNTFortinet, Inc.
Elevated · 52/100
-0.2%
Flow confirmerActive in 0% of observed group sessions
PANWPalo Alto Networks, Inc.
Elevated · 40/100
-0.5%
Flow confirmerActive in 0% of observed group sessions
RPDRapid7, Inc.
Quiet · 0/100
+1.1%
Watch / laggardActive in 0% of observed group sessions
CGNTCognyte Software Ltd.
Quiet · 0/100
-0.8%
Watch / laggardActive in 0% of observed group sessions
RDVTRed Violet, Inc.
Quiet · 0/100
-0.8%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
ZSZscaler, Inc.Most unusual+2.6%0% of 0 sessionsMost unusual activity in this snapshot; performance direction may differ.
AXONAxon Enterprise, Inc.Participating-3.1%0% of 0 sessionsPrice participation with distributing signed flow.
NVDANVIDIA CorporationParticipating-0.9%0% of 0 sessionsPrice participation with accumulating signed flow.
FTNTFortinet, Inc.Participating-0.2%0% of 0 sessionsPrice participation with accumulating signed flow.
PANWPalo Alto Networks, Inc.Participating-0.5%0% of 0 sessionsPrice participation with accumulating signed flow.
RPDRapid7, Inc.Quiet / lagging+1.1%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
CGNTCognyte Software Ltd.Quiet / lagging-0.8%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
RDVTRed Violet, Inc.Quiet / lagging-0.8%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 0 completed episodes across 0 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support3 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades
2026-09-088 names in the durable cohort
2026-09-0411 names in the durable cohort
2026-09-039 names in the durable cohort
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
AXON0% · 0 episodes
CGNT0% · 0 episodes
FTNT0% · 0 episodes
NVDA0% · 0 episodes
PANW0% · 0 episodes
RDVT0% · 0 episodes
RPD0% · 0 episodes
ZS0% · 0 episodes