SPY relative strength vs VBIX remains positive but is losing momentum; stance is neutral with positive bias.

We still have spy on the right-hand side, equities on the right-hand side, so that's really the only sector against VBI and X in a relative uptrend, but it's losing momentum.

It's doing that for last couple of weeks already. Basically started to roll over here, that's July 10th, and is is in that same rolling over trend ever since and it's now crossing into the weakening quadrant.

So, if you [clears throat] translate that, it means that spy stocks are still in a positive relative trend versus VBI and X but they're going through a setback and the opposite is true or well, the same is true for the the fixed income asset classes.

But, I want to show you spy and golft. So, here is spy and this is the relative strength line of spy versus golft. As you can see, that's an almost always moving up. There's a few periods where the red RS ratio line dips below 100, but then it really rapidly recovers.

And right now, we are nowhere near crossing below 100. We see a little uptick in the RS momentum line. So, that uptrend is still there. It's going through a little bit of a setback.

So, that's why I keep equities, stocks, still at a neutral with a with a positive bias.

And it's I think the market is sending tons of kind of mixed signals right now, because this is absolutely positive, but when you make an analysis of just the price chart, maybe with an RSI or a MACD, there are there are plenty of reasons and cases to be made for an upcoming setback.

That's the whole thing. This is relative strength and relative strength for equities right now against VBIX, which is a combination of bonds and stocks, is still moving upward.

So, despite the fact that you could come up with a lot of arguments to be very careful with the stock market, which I am too, that's why I'm keeping it as a neutral with a positive outlook, but underlying this relative trend is still in play and until this really changes, we're going to keep it that way.

So the stock self itself stocks itself SPY is still neutral positive.