The Air Is Getting Thin Up Here

The Air Is Getting Thin Up Here As the S&P500 rallied to all time highs, breadth is getting thinner up here even as the move up doesn’t appear complete.  Risks on the long side of the market are elevated as it targets the 3,011 to 3,040 levels. The Gov’t of Canada 10-year yields have been range bound between the 1.50% and 1.80% range, short-term consolidations are normal after the large move lower since Oct 2018. Gold’s monthly cycle has turned down triggering a monthly bearish trend change with expectations of lower prices. Market Trends The S&P 500 Daily cycle has turned bearish, while the Weekly cycle remains bullish. Can10yr rates are weakening on Daily and Weekly basis, and bullish on the Monthly. USDCAD Daily, Weekly and Monthly cycles remain bullish. TRI Cycle & Trend Signals* The TRI Cycle and Trend Signals are shown below.  These signals are as of market close on May 3, 2019.  Please see the TRI Overview document for further information. Source: Fieldhouse Capital Management Equity – Air Is Getting Thin Up Here In April the S&P500 rallied to all time highs, moving through the resistance zone of 2,800 to 2,880 TRI highlighted in early 2019. Technology…

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