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Market Breadth Analysis
Get ready for a rhyme!! ["Markets don%27t repeat, but they do rhyme"] Already prognosticators are talking about the potential for markets to have difficulty if 10-yr yields rise to 1.25%. WHAT !!!! The last time the markets were talking this story was in late 2018 when rates approached 3.25%. From a technical perspective it seems likely we get at least a backup to what was major support at the 1.5% level. Markets are relying on ultra-low rates to support extended valuation; however, as rates rise we will eventually have a problem.
It looks like this will play out over the next 8-18 months.
05 MARKET HEALTH Summary: 4 of 7 positive
SPX Market Direction Indicators: bearish
NDX Market Direction Indicators: bearish
Discretionary to Staples: bullish
Discretionary to Utilities: bullish
Industrials to Staples: bearish
Stocks to Bonds: bullish
Corporates to Treasuries: bullish
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