Today the model score jumped to -4, a significant improvement.  This is where it gets interesting. We are back to the scores that caused the break-down in equities in October.

It will take a long series of positive scores to cause the moving averages to turn back up and give a risk-on signal. But then there will be a lot of room to the upside. This kind of retracement to break levels is perfectly normal and has happened on every occasion: in 2000, 2007 and in 2015.

No individual equities showed concerning falls today.

The model is still in risk off and will remain so for a while for certain.