We can indeed see below that on a yield basis buying less risky corporate bonds now yields as much as buying more risky equities. This means that either equities prices must go down or corporate bonds yields must do down. The yields will pullback only if the 10Y yield falls, but this all depends on... oil/copper and inflations expectations.
The NHNL indicator is pulling back from the neutral level, while the Money Flow on the S&P500 displays a negative divergence.
Conclusions:
In theory, there is zero upside left in the equities markets here.
Anything above the current level is speculation or momentum triggered.
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I'll be taking one day off. Next comment will be at the end of next week.
The database will still be updated and the RT system will continue to work but I might not be monitoring it. If the RT system stops, please someone send me a message so that I can remote restart it.
