Ultra Short Term is slightly below neutral.Short term is neutral and has performed weakly since mid-2019 given the S&P’s performance.Medium term is neutral, but again has remarkably weak performance lately. Typically, but no always, this behavior precedes a significant decline.The little train that could: this long term indicator broke out of a several month sideways motion to head into nearly overbought territory. As you can see, it’s still nowhere near cycle highs, and this likely indicates a thinning herd characteristic of long term tops. Is this the one? Only time will tell.
