The Mcclellan indicator is indecisive here and could easily fall back down.
In general, equities still look strong with most sectors displaying a positive Money Flow. The only negative sector is XLC (communication), mostly due to a weak GOOG.
The interesting Figure below shows that the PEG ratio for tech companies to the S&P500 is at its highest since the Doc.com bubble. This points to a new 'AI' related bubble under way now.
In terms of interest rates valuation, there has been some changes: I moved from Q3 earnings expectations to Q4 earnings expectations. This is a move from 186.39 S&P500 earnings expectations for Q3 2023 to 199.24 for Q4 2023. A Three months earnings increase of 7% looks rather optimistic to me, but this pushed valuation up from $4025 to about $4300.
We can see below that at $4400, the S&P500 is still overvalued even considering the optimistic Q4 earnings expectations.
Conclusions:
Better be cautious than sorry here.
