Here’s an updated (and cleaner) chart of the Nasdaq 100 index (NDX) / S&P 500 index (SPX) ratio. It has turned down from below its 20 week moving average. This is discouraging because I believe we won’t get a sustained rally above the all time highs in SPX unless we get some leadership from NDX.
Over the past week, all of my market health indicator categories fell a bit, but not enough to make any portfolio allocation changes. The core portfolios have roughly 60% long exposure to the market. The Volatility Hedged portfolio is still 100% long.