Our confidence indicators are showing some small positives again. This is not of course the first time this year, we have had previous tentative steps to move our model portfolios away from their dominant cash position, but they have proved to be merely bear squeezes, false signals only to be met with selling into the rally.
Our indicators are multi facetted, but one short-cut way to express this market behaviour visually is to look at the Bloomberg Fear and Greed Index for the S&P 500.
This is a technical index known as an oscillator and is designed to try and capture which directional movement is more ‘powerful’ at any point.
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