NYSE · ETF · ENHANCED MARKET DYNAMICS

PAI

Western Asset Investment Grade Income Fund Inc

EMD SCORE32/100

CURRENT COMPLETED-WEEK READ

Cautious

The balance of evidence is weakening and risk control deserves more attention. Conditions are cautious and have weakened over the latest four completed weeks.

Deterioration67% directional agreement89/100 evidence quality6/6 sources available

Completed week: 9 Oct 2026
Latest close: USD 11.30
Evidence: 156 weeks

Four-week EMD change-1.2 pts

signed chart scale −100 to +100

Four-week price-3.1%

completed closing prices

Current directional run31 weeks

on the same side of EMD zero

Recent consistency0/13

recent readings above zero

COMPLETED-WEEK OVERVIEW

Price and market conditions over time

1 supportive · 5 cautious

Enhanced Market Dynamics and the price cycle156 completed weeks · bars use the left EMD axis; price uses the right axis.

20 Oct 2023–9 Oct 2026

Constructive EMDCautious EMDCompleted-week priceUp-cycle confirmationDown-cycle confirmation

Confirmation markers describe price-zone departures within this saved history. Earlier markers can change as the history changes; they are not a record of signals available in real time.

Cycle position 34%Current EMD -35.54-week EMD change -1.2Full saved history price range USD 9.36–12.59

View chart values · 156 observations

Week	Close · USD	EMD −100 to +100	Score /100	Agreement %	Coverage %
2023-10-20	9.53	-36.58	32	60	83
2023-10-27	9.36	-38.81	31	60	83
2023-11-03	9.72	-20.4	40	20	83
2023-11-10	9.84	-17.99	41	50	100
2023-11-17	10.01	-6.44	47	0	100
2023-11-24	10.19	3.98	52	20	100
2023-12-01	10.43	16.32	58	60	100
2023-12-08	10.50	16.17	58	50	100
2023-12-15	10.76	37.98	69	67	100
2023-12-22	10.63	23.03	62	33	100
2023-12-29	10.67	31.52	66	60	100
2024-01-05	10.68	32.13	66	60	100
2024-01-12	10.75	33.88	67	67	100
2024-01-19	10.57	23.13	62	33	100
2024-01-26	10.67	31.42	66	60	100
2024-02-02	10.78	31.05	66	60	100
2024-02-09	10.75	23.2	62	33	100
2024-02-16	10.65	26.38	63	60	100
2024-02-23	10.65	20.64	60	33	100
2024-03-01	10.60	20.38	60	60	100
2024-03-08	10.65	19.47	60	60	100
2024-03-15	10.67	13.9	57	33	100
2024-03-22	10.75	17.09	59	50	100
2024-03-29	10.94	25.24	63	60	100
2024-04-05	10.70	9.92	55	33	100
2024-04-12	10.64	13.6	57	50	100
2024-04-19	10.79	26.69	63	60	100
2024-04-26	10.72	14.32	57	50	100
2024-05-03	10.99	30.15	65	67	100
2024-05-10	10.80	10.48	55	33	100
2024-05-17	10.84	14.7	57	33	100
2024-05-24	10.81	14.08	57	33	100
2024-05-31	10.82	18.72	59	60	100
2024-06-07	10.81	12.67	56	50	100
2024-06-14	11.01	20.42	60	60	100
2024-06-21	10.93	13.79	57	50	100
2024-06-28	10.97	15.25	58	50	100
2024-07-05	10.94	16.26	58	60	100
2024-07-12	11.15	25.8	63	67	100
2024-07-19	11.01	14.75	57	33	100
2024-07-26	11.21	31.86	66	67	100
2024-08-02	11.55	51.09	76	100	100
2024-08-09	11.28	28.86	64	33	100
2024-08-16	11.44	42.07	71	67	100
2024-08-23	11.44	26.8	63	33	100
2024-08-30	11.55	43.13	72	67	100
2024-09-06	11.59	52.93	76	100	100
2024-09-13	11.68	38.2	69	60	100
2024-09-20	11.81	41.27	71	60	100
2024-09-27	11.73	30.47	65	33	100
2024-10-04	11.76	37.41	69	60	100
2024-10-11	11.98	49.2	75	67	100
2024-10-18	11.65	21.18	61	33	100
2024-10-25	11.68	31.75	66	60	100
2024-11-01	11.68	28.54	64	60	100
2024-11-08	11.74	19.08	60	60	100
2024-11-15	11.56	11.62	56	20	100
2024-11-22	11.54	6.08	53	0	100
2024-11-29	11.62	8.97	54	20	100
2024-12-06	12.06	27.57	64	33	100
2024-12-13	11.68	8.25	54	20	100
2024-12-20	11.43	3.59	52	20	100
2024-12-27	11.61	9.37	55	20	100
2025-01-03	11.45	-0.57	50	20	100
2025-01-10	11.42	-6.75	47	50	100
2025-01-17	11.49	-5.73	47	20	100
2025-01-24	11.51	-7.28	46	20	100
2025-01-31	11.82	10.31	55	20	100
2025-02-07	11.86	12.4	56	20	100
2025-02-14	11.83	18.89	59	60	100
2025-02-21	11.92	30.97	65	67	100
2025-02-28	12.04	40.68	70	100	100
2025-03-07	11.69	19.73	60	50	100
2025-03-14	11.80	32.87	66	100	100
2025-03-21	12.04	45.01	73	100	100
2025-03-28	12.04	40.86	70	100	100
2025-04-04	11.42	25.34	63	67	100
2025-04-11	11.16	2.25	51	33	100
2025-04-18	11.40	3.72	52	0	100
2025-04-25	11.71	6.2	53	33	100
2025-05-02	11.71	0.49	50	20	100
2025-05-09	11.71	3.77	52	20	100
2025-05-16	11.94	6.78	53	0	100
2025-05-23	11.70	3.52	52	0	100
2025-05-30	11.79	12.03	56	20	100
2025-06-06	11.75	11.05	56	50	100
2025-06-13	11.79	12.95	56	50	100
2025-06-20	11.81	14.41	57	50	100
2025-06-27	12.22	31.76	66	67	100
2025-07-04	12.43	29.08	65	33	100
2025-07-11	12.42	31.43	66	33	100
2025-07-18	12.26	33.15	67	60	100
2025-07-25	12.23	30.01	65	60	100
2025-08-01	12.42	40.19	70	67	100
2025-08-08	12.31	30.92	65	60	100
2025-08-15	12.19	26.08	63	60	100
2025-08-22	12.22	27.96	64	60	100
2025-08-29	12.10	12.51	56	33	100
2025-09-05	12.24	32.86	66	67	100
2025-09-12	12.31	32.15	66	67	100
2025-09-19	12.50	32.75	66	67	100
2025-09-26	12.30	16.41	58	33	100
2025-10-03	12.41	27.02	64	67	100
2025-10-10	12.29	13.88	57	33	100
2025-10-17	12.26	7.05	54	33	100
2025-10-24	12.29	22.81	61	60	100
2025-10-31	12.20	5.21	53	20	100
2025-11-07	12.08	3.1	52	0	100
2025-11-14	12.09	2.47	51	20	100
2025-11-21	12.01	-11.59	44	33	100
2025-11-28	12.16	-7.3	46	20	100
2025-12-05	12.12	-9.56	45	20	100
2025-12-12	12.14	-9.12	45	20	100
2025-12-19	12.18	-9.84	45	20	100
2025-12-26	12.35	-2.53	49	0	100
2026-01-02	12.28	-7.55	46	20	100
2026-01-09	12.30	-5.49	47	20	100
2026-01-16	12.35	-2.24	49	0	100
2026-01-23	12.36	0.21	50	20	100
2026-01-30	12.43	5.17	53	20	100
2026-02-06	12.39	13.31	57	33	100
2026-02-13	12.59	25.7	63	60	100
2026-02-20	12.53	22.46	61	60	100
2026-02-27	12.49	17.94	59	33	100
2026-03-06	12.17	9.2	55	33	100
2026-03-13	11.97	-4.34	48	20	100
2026-03-20	11.96	-7.27	46	60	100
2026-03-27	11.78	-13.61	43	60	100
2026-04-03	12.03	-7.0	47	20	100
2026-04-10	12.12	-10.07	45	20	100
2026-04-17	12.17	-11.46	44	20	100
2026-04-24	12.04	-16.23	42	33	100
2026-05-01	12.11	-14.96	43	50	100
2026-05-08	12.12	-10.32	45	20	100
2026-05-15	11.96	-29.62	35	60	100
2026-05-22	11.99	-12.78	44	20	100
2026-05-29	12.08	-18.31	41	50	100
2026-06-05	12.02	-25.76	37	60	100
2026-06-12	12.06	-16.6	42	50	100
2026-06-19	11.97	-18.96	41	50	100
2026-06-26	12.06	-12.7	44	50	100
2026-07-03	12.08	-12.54	44	33	100
2026-07-10	12.04	-16.37	42	50	100
2026-07-17	12.04	-9.58	45	0	100
2026-07-24	11.81	-24.7	38	60	100
2026-07-31	11.79	-23.54	38	50	100
2026-08-07	11.91	-12.58	44	20	100
2026-08-14	11.91	-21.82	39	50	100
2026-08-21	11.85	-25.78	37	60	100
2026-08-28	11.89	-13.99	43	20	100
2026-09-04	11.81	-22.94	39	50	100
2026-09-11	11.66	-34.27	33	60	100
2026-09-18	11.60	-26.65	37	50	100
2026-09-25	11.49	-32.13	34	67	100
2026-10-02	11.38	-33.31	33	60	100
2026-10-09	11.30	-35.47	32	67	100

SIX SOURCES · LAST 26 OBSERVATIONS

Is support broadening or thinning?

Green is supportive, rose is cautious.
Grey means the reading is unavailable.

Reading	17 Apr	24 Apr	1 May	8 May	15 May	22 May	29 May	5 Jun	12 Jun	19 Jun	26 Jun	3 Jul	10 Jul	17 Jul	24 Jul	31 Jul	7 Aug	14 Aug	21 Aug	28 Aug	4 Sep	11 Sep	18 Sep	25 Sep	2 Oct	9 Oct
Trend	31	27	29	30	25	26	29	27	29	26	29	30	28	28	22	22	26	26	25	27	25	21	20	18	16	14
Momentum	60	59	55	53	46	48	49	49	53	51	53	53	51	51	46	45	48	49	51	52	49	46	46	43	42	42
Underlying pressure	20	25	31	35	36	36	32	31	34	38	43	49	47	46	38	28	26	23	25	29	26	23	19	16	14	14
Price & volume	51	41	46	62	15	64	53	30	50	46	51	47	44	57	35	50	80	55	38	64	45	19	47	44	45	42
Relative strength	18	15	16	12	11	11	10	14	14	12	19	16	13	17	15	14	10	11	13	13	13	12	12	10	9	8
Modeled Trend	76	73	71	69	67	66	64	63	62	61	61	61	60	60	61	60	61	60	61	62	63	63	63	63	62	63

Each cell is a finished component score from 0–100. Components can disagree even when the combined reading stays positive.

STRONGEST CURRENT SOURCE

Modeled Trend

63/100

LEAST SUPPORTIVE SOURCE

Relative strength

8/100

WHAT WOULD CHANGE THE READ?

Three paths to keep in view

Conditional research scenarios.
No assumed price target or timing.

Continuation

Price and evidence stay together

Further price weakness alongside cautious trend, pressure and relative strength would support the current defensive read.

Change of direction

Repair needs follow-through

Improving EMD while price still falls is an early observation. A turn in price and broader agreement would strengthen a repair case.

Cycle context

A range extreme is a location

An upper zone can persist during a strong advance; a lower zone can persist during a decline. Use departures, EMD direction and the related price charts together.

EARLIER COMPARABLE READINGS

What followed similar conditions?

Same ticker · similar score and direction of change.
Returns exclude costs and dividends.

4 WEEKS LATER-0.3%

Median price return · 4 non-overlapping examples

Observed range: -2.2% to +0.4%
Positive returns: 25%
All-period comparison: -0.1% median

13 WEEKS LATER

Too few comparisons

1 non-overlapping example. At least three are needed to display a summary.

How these comparisons are selected

Earlier observations must have the same constructive/fading/repair/deterioration condition, a score within ten points of today’s score and at least the same component coverage. The first 30 observations are omitted for warm-up; examples are spaced by the forward horizon to avoid overlap. Gapped return windows are excluded. The all-period comparison uses the same available history and spacing, without matching the current state. These are reconstructed observations, not a point-in-time strategy backtest or a forecast.

RECENT CYCLE HISTORY

How the current reading developed

13 Mar 2026Down-cycle confirmedUSD 11.97

21 Nov 2025Down-cycle confirmedUSD 12.01

11 Apr 2025Down-cycle confirmedUSD 11.16

3 Jan 2025Down-cycle confirmedUSD 11.45

22 Nov 2024Down-cycle confirmedUSD 11.54

26 Apr 2024Down-cycle confirmedUSD 10.72

19 Apr 2024Upper cycle zone confirmedUSD 10.79

THE FULL PRICE CYCLE

Follow the journey from one zone to the other

Cycle states use trailing completed-week observations.

Lower zone

Price establishes residence near the bottom of its long-cycle range. Improving EMD separates early repair from continued deterioration.

Upward journey

Price leaves the lower zone while EMD confirms improving participation. The objective is the broader move toward the upper zone, not a short weekly trade.

Upper zone

Price establishes residence near the top of its long-cycle range. A high range position can persist. Watch EMD for exhaustion and loss of support before interpreting it as a turn.

Downward journey

Price leaves the upper zone while EMD weakens. The reverse cycle remains active until lower-zone residence is confirmed again.

CURRENT READINGS