Hi YXI friends,

Friday was a broad risk-on day (semis, crypto, small caps led) inside an ongoing uptrend for US equities. Our crash indicators, such as volatility, funding, and credit, have remained calm.

I lean “correction/chop risk is contained” unless we see a rates/oil-led shock and a USD reversal into a rip higher, alongside funding or credit stress.

You may have noticed that our SPY and IWM ML signals turned risk off today, indicating the model is cautious in the near term. They do not necessarily indicate an imminent crash, but the macro and price technicals are less bullish than before. This is something to bear in mind before piling in on risk.

You might find this article of mine on X helpful during turbulent times, such as last week.

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