The New Highs New Lows indicator also displays bullish higher highs and higher lows values.
On the other hand, the US$ and the 10Y rates are strengthening,
which is a negative for equities valuations. Valuations indeed indicate an equilibrium well below current prices.
But it is difficult to break a strong parabolic move.
All in all, the Money flow continues to be positive on all the market sectors, except for IBB/XBI (Biotech) and XHB (Housing).
Conclusions:
There is no sign that money is starting to leave equities for now, but equities valuations are way too high on a yield comparison basis.
