MC S&P 500 Heatmap, 4/29/26: Energy leads, breadth frays under flat index

The heatmap showed a market that was stable at the index level but far less convincing underneath. Leadership was scattered, breadth was uneven and the tape leaned more like rotation than expansion. The strongest message was selective resilience: enough strength to keep the index supported, not enough broad participation to confirm a clean upside move. The map looked more defensive and commodity-sensitive than speculative, with mega-cap leadership too mixed to turn the day into a high-conviction growth rally.