Market Overview
The clear macro trend is the great rotation from US stocks to the rest of the world has begun. All non-US markets are doing better, with France and Germany standing out. While the US market is still strong, it remains healthy.
The World Index is still very much in an uptrend, but breadth has softened slightly.
The equities vs bonds trade looks promising but is yet to move the needle. Yet, in this piece, we are starting to see movement in rate-sensitive stocks.
Still, the long bond looks weak, and there are no signs of a rally just yet.
Glossary of Terms
| LC | Local Currency |
| CAPR | Currency Adjusted Price Relative |
| ATH | All-time High |
| BEST | Premium (discount) to Analysts' Price Forecasts |
| LTG | Long-term Estimated Growth Rate |
| Vol 360 | 360-day Volatility |
| Trend Score 0-5 | ByteTrend Score |
ByteTrend scores a point if:
- The price is above the long-term moving average
- The price is above the short-term moving average
- The long-term moving average is rising
- The short-term moving average is rising
- The price last touched max on the max/min lines
New Trends
Criteria
- % Dev from 30W High CAPR = 0%
- ByteTrend Local currency = 5
- ByteTrend CAPR = 5
- Cumulative Highs in 12W sort low to high
All charts shown are CAPR rebased to 100.
