Highlights:

Confirming Evidence of a continued rally:

  • ECRI WLI is up 0.82% year over year.

  • US stocks are in a positive trend relative to Gold (intermediate).

  • Global stocks (FTSE all World with US) are in a positive trend relative to the risk free asset.

  • Lumber rallied last week.

Non-Confirming evidence of a continued rally:

  • The ECRI four week average is still negative year over year (-1.61%).

  • Copper continued to break down against Gold.

  • Small Caps relative to large caps are below the 2018 low.

  • The Yen continues to strengthen.

  • High yield is falling relative to long-term Treasuries.

  • The VIX rallied significantly last week.

  • The Bullish Percent Chart for the S&P 500 has rolled over.

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