Themes / Group
Inactive · established relationshipLatest completed snapshot · Aug 21 · 16:11 ET

MARKET-DISCOVERED GROUP

Staffing Services

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

12 of 12 measured SPY-adjusted paths align to the upside across 9.9 effective names. Common-bar coverage spans 12 of 24 cohort members. MA, WDAY, FISV are also moving with filing-linked members. Capital-flow agreement is 19%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth20 up · 4 down+1.5% median path versus SPY
Capital-flow alignment19%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 15/100 · lift 0.8×
Evidence depth4 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:45–15:55 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 inferenceEPAM registered the first material upside path

    +2.66% session path at the threshold · EPAM

  2. 5-minute inferenceBLKB registered a material upside path

    +1.06% session path at the threshold · BLKB

  3. 5-minute inferenceADSK registered a material upside path

    +1.09% session path at the threshold · ADSK

  4. 5-minute inferenceBR registered a material upside path

    +0.92% session path at the threshold · BR

2 earlier filing context receipts

WED, JAN 14ADBE filing documented shared operating contextcredit / rates affecting interest expense · date precision only

WED, APR 29ADP filing documented shared operating contextcredit / rates affecting interest 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 broad across 9.9 effective names. EPAM represents 16.6% of absolute path energy; 12 of 12 members align with the up relative path.

ConstructionBroad16.6% from the largest path
Effective names9.9 / 1212 of 24 cohort members had common bars
Direction breadth12/12 alignedupside relative path · 0 counter-moving
Largest moverEPAM 16.6%31.3% from the top two paths
EPAM16.6%Aligned contributor · path +3.46% · basket +0.29pp
BLKB14.7%Aligned contributor · path +3.06% · basket +0.26pp
ADSK10.2%Aligned contributor · path +2.11% · basket +0.18pp
BR9.4%Aligned contributor · path +1.96% · basket +0.16pp
ACN9.3%Aligned contributor · path +1.94% · basket +0.16pp
CTSH7.9%Aligned contributor · path +1.65% · basket +0.14pp
GDDY6.9%Aligned contributor · path +1.44% · basket +0.12pp
ADBE6.1%Aligned contributor · path +1.27% · basket +0.11pp
DXC6.0%Aligned contributor · path +1.25% · basket +0.10pp
CHKP5.0%Aligned contributor · path +1.03% · basket +0.09pp
ADP4.7%Aligned contributor · path +0.98% · basket +0.08pp
EXLS3.2%Aligned contributor · path +0.66% · basket +0.06pp
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. EPAM moved higher firstFirst member to clear the material path threshold · path +2.66%
  2. BLKB registered a material higher path0m after the first price move · path +1.06%
  3. ADSK registered a material higher path0m after the first price move · path +1.09%
  4. BR registered a material higher path0m after the first price move · path +0.92%
  5. ACN registered a material higher path0m after the first price move · path +2.21%
  6. CTSH registered a material higher path0m after the first price move · path +1.71%

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
Aug 21 · 09:45 ETMove visible 10:15 ETAug 21 · 15:55 ET
Group median +1.54%Strongest relative path EPAMWeakest relative path EXLS

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

22/25 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across ACN, ADBE, ADP, BLKB, BR, CTSH, DXC, EPAM, GDDY, GRND, JKHY, PAYC, PCTY, QTWO, TYL.

credit / rates affecting interest expense

“Interest expense increased during fiscal 2025 as compared to fiscal 2024 primarily due to the senior notes issued in January 2025.”

ADBE 10-K · 2026-01-15
credit / rates

“For additional information, see Note 6 (Business Combinations and Dispositions) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.” Financing activities: The $3,115 million decrease in cash used was primarily due to higher net proceeds from borrowings.”

ACN 10-K · 2025-10-10
restructuring affecting expense

“32 Table of Contents General and administrative expenses increased during the three and six months ended May 29, 2026 as compared to the three and six months ended May 30, 2025 due to the following: Components of % Change 2026-2025 QTD Components of % Change 2026-2025 YTD Impairment of goodwill 19 % 10 % Loss contingency 8 12 Compensation costs 9 7 Software licenses 6 5 Various individually insignificant items 3 2 Total change 45 % 36 % During the six months ended May 29, 2026, we recorded a goodwill impairment charge related to our Publishing & Advertising reporting unit.”

ADBE 10-Q · 2026-06-15
CONFIRMATION NETWORK

Outsiders and cross-asset links

3 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.

MAMoving with group

ADP · text peer

WDAYMoving with group

WK · text peer

FISVMoving with group

JKHY · text peer

GNot confirming

EXLS · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
ACNBRCHKPCTSHBLKBADSKEPAMDXCINTUJKHYADBEINFYEXLSPAYXROPPCTYADPQTWOTYLPAYCWKITGDDYNICE

10/25 active20 rising · 4 falling

MemberUnusual activityToday's moveRead now
ACNAccenture plc
Most unusual · 100/100
+2.1%
Aligned price + flowActive in 0% of observed group sessions
BRBroadridge Financial Solutions,
Elevated · 84/100
+2.1%
Aligned path contributorActive in 19.4% of observed group sessions
CHKPCheck Point Software Technologies Ltd.
Elevated · 81/100
+0.1%
Aligned path contributorActive in 6.5% of observed group sessions
CTSHCognizant Technology Solutions Corporation
Elevated · 81/100
+1.7%
Aligned price + flowActive in 0% of observed group sessions
BLKBBlackbaud, Inc.
Elevated · 80/100
+2.3%
Aligned path contributorActive in 22.6% of observed group sessions
ADSKAutodesk, Inc.
Elevated · 75/100
+1.1%
Aligned price + flowActive in 6.5% of observed group sessions
EPAMEPAM Systems, Inc.
Elevated · 66/100
+3.5%
Aligned path contributorActive in 0% of observed group sessions
DXCDXC Technology Company
Elevated · 60/100
+1.0%
Aligned path contributorActive in 3.2% of observed group sessions
INTUIntuit Inc.
Elevated · 58/100
+1.4%
Active; unclassifiedActive in 6.5% of observed group sessions
JKHYJack Henry & Associates, Inc.
Elevated · 58/100
+0.7%
Active; unclassifiedActive in 35.5% of observed group sessions
ADBEAdobe Inc.
Quiet · 55/100
+1.2%
Watch / laggardActive in 19.4% of observed group sessions
INFYInfosys Limited
Quiet · 53/100
+1.1%
Watch / laggardActive in 0% of observed group sessions
EXLSExlService Holdings, Inc.
Quiet · 52/100
+1.3%
Watch / laggardActive in 3.2% of observed group sessions
PAYXPaychex, Inc.
Quiet · 50/100
+1.3%
Watch / laggardActive in 29% of observed group sessions
ROPRoper Technologies, Inc.
Quiet · 50/100
+0.3%
Watch / laggardActive in 6.5% of observed group sessions
PCTYPaylocity Holding Corporation
Quiet · 47/100
+0.7%
Watch / laggardActive in 35.5% of observed group sessions
ADPAutomatic Data Processing, Inc.
Quiet · 47/100
+0.6%
Watch / laggardActive in 19.4% of observed group sessions
QTWOQ2 Holdings, Inc.
Quiet · 46/100
-0.2%
Watch / laggardActive in 22.6% of observed group sessions
TYLTyler Technologies, Inc.
Quiet · 44/100
+0.7%
Watch / laggardActive in 6.5% of observed group sessions
PAYCPaycom Software, Inc.
Quiet · 44/100
+1.1%
Watch / laggardActive in 32.3% of observed group sessions
WKWorkiva Inc.
Quiet · 40/100
-0.4%
Watch / laggardActive in 32.3% of observed group sessions
ITGartner, Inc.
Quiet · 36/100
+1.1%
Watch / laggardActive in 12.9% of observed group sessions
GDDYGoDaddy Inc.
Quiet · 35/100
-1.1%
Watch / laggardActive in 25.8% of observed group sessions
NICENICE Ltd.
Quiet · 33/100
-0.1%
Watch / laggardActive in 6.5% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
ACNAccenture plcMost unusual+2.1%0% of 31 sessionsMost unusual activity in this snapshot; performance direction may differ.
BRBroadridge Financial Solutions,Participating+2.1%19.4% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
CHKPCheck Point Software Technologies Ltd.Participating+0.1%6.5% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
CTSHCognizant Technology Solutions CorporationParticipating+1.7%0% of 31 sessionsPrice participation with accumulating signed flow.
BLKBBlackbaud, Inc.Participating+2.3%22.6% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
ADSKAutodesk, Inc.Participating+1.1%6.5% of 31 sessionsPrice participation with accumulating signed flow.
EPAMEPAM Systems, Inc.Participating+3.5%0% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
DXCDXC Technology CompanyParticipating+1.0%3.2% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
INTUIntuit Inc.Participating+1.4%6.5% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
JKHYJack Henry & Associates, Inc.Participating+0.7%35.5% of 31 sessionsPrice participation is not yet confirmed by per-name flow.
ADBEAdobe Inc.Quiet / lagging+1.2%19.4% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
INFYInfosys LimitedQuiet / lagging+1.1%0% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
EXLSExlService Holdings, Inc.Quiet / lagging+1.3%3.2% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
PAYXPaychex, Inc.Quiet / lagging+1.3%29% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
ROPRoper Technologies, Inc.Quiet / lagging+0.3%6.5% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
PCTYPaylocity Holding CorporationQuiet / lagging+0.7%35.5% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
ADPAutomatic Data Processing, Inc.Quiet / lagging+0.6%19.4% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
QTWOQ2 Holdings, Inc.Quiet / lagging-0.2%22.6% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
TYLTyler Technologies, Inc.Quiet / lagging+0.7%6.5% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
PAYCPaycom Software, Inc.Quiet / lagging+1.1%32.3% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
WKWorkiva Inc.Quiet / lagging-0.4%32.3% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
ITGartner, Inc.Quiet / lagging+1.1%12.9% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
GDDYGoDaddy Inc.Quiet / lagging-1.1%25.8% of 31 sessionsNot participating yet; a breadth test or a genuine divergence.
NICENICE Ltd.Quiet / lagging-0.1%6.5% of 31 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

Early observed follow-through

3/3 events completed
30 minutes-0.86%50% continuation · n=2Median MFE +0.35% · MAE -1.54%
60 minutes-1.03%0% continuation · n=2Median MFE +0.35% · MAE -1.54%
Session close-0.31%0% continuation · n=1Median MFE +0.34% · MAE -0.49%
Next-session close-1.16%0% continuation · n=2Median MFE +0.35% · MAE -1.54%
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 4 completed episodes across 31 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 support43 daysHow often the cohort identity was observed
Completed episodes4Separate periods of broad group activity
Active sessions31Completed session observations, not trades
2026-08-12 → 2026-08-195 active sessionsNo name was active through every recorded session
2026-07-09 → 2026-08-0619 active sessionsNo name was active through every recorded session
2026-06-24 → 2026-07-015 active sessionsNo name was active through every recorded session
2026-06-17 → 2026-06-182 active sessions11.1% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
JKHY35.5% · 3 episodes
PCTY35.5% · 2 episodes
PAYC32.3% · 3 episodes
WK32.3% · 2 episodes
PAYX29% · 3 episodes
GDDY25.8% · 4 episodes
BLKB22.6% · 3 episodes
QTWO22.6% · 1 episode
ADBE19.4% · 2 episodes
ADP19.4% · 1 episode
BR19.4% · 2 episodes
IT12.9% · 2 episodes
ADSK6.5% · 2 episodes
CHKP6.5% · 2 episodes
INTU6.5% · 1 episode
NICE6.5% · 1 episode
ROP6.5% · 2 episodes
TYL6.5% · 2 episodes
DXC3.2% · 1 episode
EXLS3.2% · 1 episode
ACN0% · 0 episodes
CTSH0% · 0 episodes
EPAM0% · 0 episodes
GRND0% · 0 episodes
INFY0% · 0 episodes