SPX 19'/20'

Taking a look at risk trends, not much has changed in terms of standings. However, lack of conviction in the equity markets is very high right now. Many of the bears from the last retest of the 2800$ floor from the last 2 months are gone, wiped out with every consecutively green daily candle. However, the most insecure traders right now are the bulls, constantly being forced to recalculate and review the actual value in these underlying assets. There is statistically much less potential for continuation however an enormous amplitude in loss if things begin to deteriorate from here.

This is a decade long run, with more than half of this simply being conviction in itself. However, we're coming to the end it seems, as the amount of volatility has increased with more downside potential ever so increasing. The DOW, NASDAQ & SPX are all patterns that are prominent. After 6 weeks of upside price action, the 5 day ranges are becoming more and more interesting to qualify as the "most hated bull-market".

Looking at VEU rest of world equities, you have the positive performance and congestion however the ability to achieve new all time high isn't here. When you compare this to the DEU30, EEM, it's obvious that the help isn't coming out of the U.S. market.

EUR/JPY or AUD/JPY further shows both the insecurity and lack of confidence in the market right now.