Our proprietary macro index continued its upside breakout this week, adding 8.17 points to its overall score, which now sits at +14.29:
I'll close with a quick note on today's stock market action:
We saw a nice rebound today in tech stocks, after a rough few days. As for the rest of the market, however, if we take tech out of the mix -- oof! -- the selloff continued, unabated. Which is interesting because the perceived culprit in this overall messy week -- rising interest rates -- rolled over hard today (which explains the rally in tech).
10-year treasury yield, 1-day chart: