RATIO: Bear + Money Market Assets / Bull Assets Here is an inverted chart to show just how bullish the dumb money is compared to 2009-2011 levels. The complacency picture has flip flopped. Anyone's guess if this 5% level can go any lower, but it is getting very stretched.

Offense vs Defense - $SPY $QQQ The past 7 days clearly show defense. Momentum has begun to roll over on 5 different relative viewpoints. Negative divergences abound.

YTD Performance Energy and Commodities are on top by a wide margin. $XLE $PDBC

S&P 500 - $SPY Updated chart... be careful out there... 👇

Mag 7 - $MAGS A bearish wedge inside a bearish wedge with 2 years of negative divergence.

Commodities - $PDBC The volume is still well below what we saw in 2022. That continues to suggest this move still has a ways before it matures.

China Tech - $CQQQ Down 28%+ since June 30.

Cybersecurity - $CIBR Having its worst week since the 2020 lows.

Discretionary / Staples - $XLY $XLP Downside momentum continues... Weekly momentum is having a 2nd consecutive negative divergence. This is a stronger signal than a single negative divergence. If you are bullish on equities, be very careful here.

Discretionary / Staples - $XLY $XLP Weekly momentum is having a 2nd consecutive negative divergence. This is a stronger signal than a single negative divergence. If you are bullish on equities, be very careful here.