The Riskdial on a weekly basis worsened to -17. Even though equities had a decent week, the Riskdial continues to show a higher probability of bonds outperforming them going forward. The 2864 SPX level continues to be key.  The odds now favor a further leg to 2950-70 in SPX and then a slow bleed of risk until the market can muster enough strength to take out the highs. That will take a long time.

A video of my detailed expectations for the near term, with important levels to watch, can be viewed at