I wobbled a bit yesterday and said that I wasn't sure about the trend. It looks like the downtrend reasserted today as shown by this chart of the PMO.

The market is very much headline-driven which reveals weakness in the conviction to own stocks.

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Commodities, Currencies

What is this spreadsheet telling us?

The US Dollar is strong relative to most other currencies. A strong dollar usually suggests avoiding dollar-denominated foreign ETFs.

Energy is also strong which is rarely seen while the dollar is also strong. I think that points to a degree of caution regarding Energy investments.
 

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Oil has been outperforming the corresponding stocks for several years. Generally, you want to see the opposite occur. However, there is some recent outperformance by the stocks over oil.

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Charts of Interest

I like this chart although it faces a technical challenge.

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Congrats to anyone who bought and held these ETFs.

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Outlook Summary:

The long-term outlook is cautious.
The medium-term trend is up as of May-10. 
The short-term trend is down as of May-29.

The medium-term trend for bond prices is up as May-29.