6k
SPX above the magical 6k level as of writing (futures). Close this a little higher and ATH chatter will increase.
Source: LSEG Workspace
Russell reviving
Russell breaking above the short term negative trend line, trading “well” above the 100 day for the first time in ages. Earlier this week we outlined Russell as a massive laggard play (more here).
Source: LSEG Workspace
Sexy semis
SMH continues the squeeze move higher having bounced on the 21 day and trend channel lows a few sessions ago. Note the 21 day crossing the 200 day (mini golden cross).
Source: LSEG Workspace
Inflow mania
2025 tracking 2nd biggest inflow year to equities.
Source: BofA
Before you get too bullish…
Hedges “only cost money”
Watch closely when markets take out new recent highs and skew is reset sharply lower. Longs should be happy to pay up for downside protection, not the other way around.
Source: LSEG Workspace
Close to contrarian sell
Hartnett with a gentle reminder: “…when flows to global equity & high yield bonds exceed 1.0% of AUM in 4 weeks…sell, and when outflows >1.0% of AUM…buy; past 4 weeks inflows to stocks/HY bonds = 0.9% of AUM, close to “sell signal“”
Getting hot in here
Hartnett: “…when >88% of MSCI ACWI country stock indices trading above 50-& 200-day moving averages…sell, and when >88% trading below…buy; currently 84% trading >50/200dma“
