GOVT处于相对下行趋势，评级中性但展望负面；若跌破支撑，可能进一步跑输。

The other asset class I want to show you is government bonds. And what you will see there is still what I said, just kind of the opposite of stocks because here you see a massive downtrend. It's pretty much all the time here in a downtrend with a few upticks here in 2022 a little longer and then there was a very short one again in 2025. And ever since it's been below 100 meaning that this is in a relative downtrend and if you eyeball it, you can see that it's in a downtrend.

Interesting in situation on a price level is that we're at a support level. I could argue again, this is the same story here for GOVT. If you look at the price chart, there is probably a few arguments to be made that this is now at support and it might start to move back up, but it's not happening yet. So as long as this relative trend line is really continuing to move lower with the RRG lines in a combination of positions as they are right now. So with the RS ratio well below 100 and the RS momentum just above 100 but both are starting to move a little lower, I'm going to keep the bond section, the government bond section as neutral with a negative outlook.

And what I really think is if GOVT breaks this support level, that will very likely have a negative impact on the relative strength as well versus VBI and X. So I'm really watching this situation here closely and if GOVT clearly breaks this support, I think that these relative strength lines, these RRG lines will roll over and we will have a very legitimate case of further underperformance for government bonds and potentially that will return stocks back into the leading quadrant, but we have to wait until it makes that complete rotation.