Confluences

Major Assets Confluences

Stronger reads come from pairing relative performance with macro/market structure.

• Trend filters: Long MAs or market breadth to confirm leadership persistence.

• Volatility: VIX/term structure—leadership under falling vol tends to persist.

• Credit & Rates: HYG vs. TLT vs. SPY triangles often clarify risk regimes.

• Seasonality/Flows: Month-/Quarter-turn effects can amplify base-relative shifts.

• Liquidity: Rising M2 alongside equity leadership strengthens risk-on narratives.