The trend remains negative for equities and is neutral for high yield. Investor sentiment remains extremely pessimistic. Such extreme readings are generally bullish for equites. We are finally seeing the oversold rally.
The S&P 500® Index is nearing its February high at 1947.20. The 50-day moving average line (trending lower) is currently at 1960. I favor establishing hedges on equity exposure in the 1925 to 1960 area.