The S&P500 is upward trending at a cyclical high. The character of the price trend has changed to a cyclical motion since the S&P500 peaked early in 2018. We think some of this cyclical nature is due to robot buying and selling programs initiated by large hedge funds and bank proprietary trading strategies. Banks are directly competing with investors again, with deposit money, due to a roll back of the Volker Rule. Higher volatility is an obvious result, as is increased difficulty in staying invested for some investors with low risk tolerance.

We have a new sell signals on long term US government bonds, we remain long on S&P500, NDX, and US high yield bonds, and short gold/silver. We like: S&P500, small cap, technology, health care, biotech, and banks.
The Style Box indexes have weak positive Harloff Value Index (HVI) values . All Sectors have weak but positive HVI values, except gold and silver with negative HVI. In the World Indexes all have weak positive HVI values.
And  the S&P500 uptrend remains in place.  Because the markets can turn quickly, be ready. May the market be with you (July 20, 2018)!