The model score today is still stuck at -85. This means that the market is not improving internally whatsoever.  Nothing has changed in the spreads. Quite simply all the spread prices are so far below the relevant moving averages that small rallies just do nothing to improve the score.  It is still correct, in my opinion, to avoid risk assets, even though we have the Federal Reserve decision in interest rates tomorrow.

Unless the market now stabilizes at higher levels, the asset spreads utilized in the model suggest this will be a temporary reprieve, with much worse to come eventually.

Owners of AMGN & PPL should examine whether it is worth holding these stocks, as the position is rapidly deteriorating in those names.

We are in full Risk Off, invested in TLT.

I would still advise extreme caution and lightening up of individual names which are under-performing the market into rallies.

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