Macro Rotation Signals: Valuations, Copper/Gold, and Commodity Extremes

1.It's not-dot-com...

But, there are are a few indicators that look *very* similar.

Tech is extremely Expensive vs the rest of the market, and Defensives are extremely Cheap vs the rest of the market.

And yeah, as they say, valuation signals aren't great for timing (...unless they get extreme). $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$

2.Copper/Gold Ratio

Rotation time?

(key theme for commodities, but also important macro implications if that black line begins to sustainably rise) $Gold - main 2602(GCmain)$ $Copper - main 2603(HGmain)$

3.Commodities' Relative Strength

-Gold is stretched to the upside

-Crude Oil stretched to the downside

(the rubber band stretches...) $WTI Crude Oil - main 2602(CLmain)$

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