Major Trend Index Fell 0.01 to 1.00

The Major Trend Index fell 0.01 to 1.00 in the latest week, with moderate swings in the Economic/Interest Rates/Inflation and Supply/Demand categories mostly offsetting one another. However, the bigger picture has changed little during the MTI’s 13-week stay in its neutral zone: Valuations and sentiment remain very inflated at a time when internal stock market action has become more disjointed. However, the technical work has not deteriorated enough to drag the MTI into bear territory, and the deflationary impact of the last six months’ commodity collapse has (so far) had a net positive impact on this work.