One of the charts from NFTRH’s Market Internals segment keeps track of several global markets in relation to the US SPX (SPY). While some of these are constructive nominally, the only actionable one vs. the S&P 500 is Europe, in a stair step up trend over the last year. I am long Euro-hedged Europe, but not gung ho about it yet. EM has been constructive vs. SPY, but not bullish. I am short the EMs due to a bullish USD view. The other three are not actionable, bearish and bearish, respectively by these weekly charts.
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