The main things to see here are that the long-term trend remains up. Also SNP earnings are above their 12 month average. Unemployment continues downward although we are reaching the limit of what to expect. And finally that rates are still effectively stimulative in real terms. Once the fed funds rate gets close to or exceeds the two-year bond you will know that the Fed is announcing the end of the party.
Here you see that reviewing internals through the summation indexes reveals that /nq or ndx remains the place to be.
Dow theory is really old school and I only follow it out of nostalgia. But notice the 8% difference in performance between the industrials and the transport. Hmmmm…
Finally. Yield spread. Orderly.
Risk appetite spread…
More to come…