There are two important issues here for investors to understand. $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ First: the global cyclicals vs defensives relative performance line recently capped out at the top end of its trend channel — this is something that signaled 3 major market peaks over the past decade.Hence, for the MSCI All Countries World Index (global equities), a red flag is clearly waving. So definitely step up your focus on risk management (take some time out to think about your plan, triggers, indicator set and framework).Second… some of you might be thinking, hey hang on — wait a minute, didn’t you just last week go on about the upside in cyclicals??Yes.“Old Cyclicals“See, the chart