Themes / Group
Inactive · established relationshipLatest completed snapshot · 04:10 ET

MARKET-DISCOVERED GROUP

Data-Driven Digital Services

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

7 of 9 measured session-normalized paths align to the downside across 5.4 effective names. ADP is also moving with filing-linked members. Capital-flow agreement is 23%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth2 up · 6 down-0.3% session-normalized median path
Capital-flow alignment23%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 14/100 · lift 0.8×
Evidence depth2 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 15:50–15:55 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 inferenceDSGX registered the first material downside path

    -0.46% session path at the threshold · DSGX

  2. 5-minute inferenceAMPL registered a material downside path

    -0.57% session path at the threshold · AMPL

  3. 5-minute inferenceWLY registered a material upside path

    +0.78% session path at the threshold · WLY

  4. 5-minute inferenceRELX registered a material downside path

    -1.67% session path at the threshold · RELX

2 earlier filing context receipts

WED, FEB 18AMPL filing documented shared operating contextrestructuring affecting expense · date precision only

WED, AUG 5EXPE filing documented shared operating contextrestructuring 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?

Session-normalized 5m paths

Observed movement is broad across 5.4 effective names. QNST represents 23.3% of absolute path energy; 7 of 9 members align with the down relative path.

ConstructionBroad23.3% from the largest path
Effective names5.4 / 9Movement diversity after concentration
Direction breadth7/9 aligneddownside relative path · 1 counter-moving
Largest moverQNST 23.3%44.9% from the top two paths
QNST23.3%Aligned contributor · path -1.95% · basket -0.22pp
WLY21.6%Counter-move · path +1.81% · basket +0.20pp
DSGX18.8%Aligned contributor · path -1.58% · basket -0.17pp
RELX18.8%Aligned contributor · path -1.58% · basket -0.17pp
AMPL10.4%Aligned contributor · path -0.87% · basket -0.10pp
EXPE3.4%Aligned contributor · path -0.28% · basket -0.03pp
PSO1.8%Aligned contributor · path -0.15% · basket -0.02pp
NDAQ1.6%Aligned contributor · path -0.13% · basket -0.01pp
TRU0.3%Flat / inactive path · path -0.02% · 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. DSGX moved lower firstFirst member to clear the material path threshold · path -0.46%
  2. AMPL registered a material lower path0m after the first price move · path -0.57%
  3. WLY registered a material higher path1100m after the first price move · path +0.78%
  4. RELX registered a material lower path1100m after the first price move · path -1.67%
  5. EXPE registered a material lower path1100m after the first price move · path -0.92%
  6. PSO registered a material lower path1100m after the first price move · path -0.57%

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

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized
Aug 24 · 15:50 ETMove visible 10:15 ETAug 25 · 15:55 ET
Group median -0.28%Strongest relative path WLYWeakest relative path QNST

Observed member paths normalized to the session. 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

6/9 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AMPL, NDAQ.

restructuring affecting expense

“Although we previously experienced cost savings due to our restructuring, as we continue to invest in our sales efforts, we expect our sales and marketing expenses to increase in dollar amount over time.”

AMPL 10-K · 2026-02-19
credit / rates affecting interest expense

“Adjusted Net Income For the three months ended March 31, 2026, Adjusted Net Income increased due primarily to improved operating performance, partially offset by an increase in net interest expense and the Adjusted Provision for Income Taxes due to higher pre-tax income.”

TRU 10-Q · 2026-04-28
restructuring

“The adjusted tax rate was lower in 2026 compared to 2025 due primarily to higher foreign tax credits related to impacts from recent acquisitions and related restructuring activities and higher deductions for foreign-derived intangible income due to provisions of the One Big Beautiful Bill Act that went into effect January 1, 2026.”

TRU 10-Q · 2026-04-28
CONFIRMATION NETWORK

Outsiders and cross-asset links

1 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.

ADPMoving with group

AMPL · text peer

DDOGNot confirming

AMPL · text peer

IBKRNot confirming

AMPL · text peer

PTENNot confirming

AMPL · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
TRURELXNDAQEXPEDSGXPSOQNSTWLYAMPL

5/9 active2 rising · 7 falling

MemberUnusual activityToday's moveRead now
TRUTransUnion
Most unusual · 100/100
+0.3%
Active; unclassifiedActive in 0% of observed group sessions
RELXRELX PLC
Elevated · 89/100
-1.4%
Aligned path contributorActive in 0% of observed group sessions
NDAQNasdaq, Inc.
Elevated · 78/100
-0.1%
Aligned path contributorActive in 0% of observed group sessions
EXPEExpedia Group, Inc.
Elevated · 75/100
-0.3%
Aligned path contributorActive in 0% of observed group sessions
DSGXThe Descartes Systems Group Inc.
Elevated · 60/100
-1.1%
Aligned path contributorActive in 0% of observed group sessions
PSOPearson plc
Quiet · 57/100
-0.2%
Watch / laggardActive in 0% of observed group sessions
QNSTQuinStreet, Inc.
Quiet · 0/100
-2.1%
Watch / laggardActive in 0% of observed group sessions
WLYJohn Wiley & Sons, Inc.
Quiet · 0/100
+1.4%
Watch / laggardActive in 0% of observed group sessions
AMPLAmplitude, Inc.
Quiet · 0/100
-0.3%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
TRUTransUnionMost unusual+0.3%0% of 0 sessionsMost unusual activity in this snapshot; performance direction may differ.
RELXRELX PLCParticipating-1.4%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
NDAQNasdaq, Inc.Participating-0.1%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
EXPEExpedia Group, Inc.Participating-0.3%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
DSGXThe Descartes Systems Group Inc.Participating-1.1%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
PSOPearson plcQuiet / lagging-0.2%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
QNSTQuinStreet, Inc.Quiet / lagging-2.1%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
WLYJohn Wiley & Sons, Inc.Quiet / lagging+1.4%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.
AMPLAmplitude, Inc.Quiet / lagging-0.3%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 support2 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades
2026-08-259 names in the durable cohort
2026-08-249 names in the durable cohort
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
AMPL0% · 0 episodes
DSGX0% · 0 episodes
EXPE0% · 0 episodes
NDAQ0% · 0 episodes
PSO0% · 0 episodes
QNST0% · 0 episodes
RELX0% · 0 episodes
TRU0% · 0 episodes
WLY0% · 0 episodes