Here’s SPX (SPY) vs. gold (GLD) showing two down-turning moving averages, which means the beginning of a potential new downtrend. If SPY/GLD takes out the moving averages then we can talk about a revision to the current status. But as of this day the trends are turning down.
The World (ex-US) is worse off, having been in a major downtrend (notice how long the SMA 200 has been sloped down) since Q4 2018.
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