BraVoCycles

The S&P 500’s long-term internals are flashing warning signs most people are ignoring.

Cap-weighted vs equal-weighted correlation just hit a record low of 78% (average is 96%).

At the same time, the High-Low Logic Index is extremely elevated.

Historically, this combination has preceded nasty corrections.

Goldman Sachs Research says gold should rally in the 2nd half of 2026 as 45% of the 76 central banks expect to increase their own gold reserves over the next 12 months.

I agree. There will be Gold O'clock time soon.

Has the Semiconductors Index Peaked?

Cycles think so.

What is your assessment?

Nike (NKE) Update

Nike (NKE) already reported its Q4 FY2026 earnings yesterday (Tuesday, June 30, 2026), after market close. Key Details from the Report:

• Earnings beat expectations.
• Revenue slightly beat estimates but showed ongoing challenges (especially in Greater China).
• Stock reacted negatively in after-hours trading due to cautious guidance but bounced today.
• I think circle-v will be an ending diagonal as shown
• That is, an a-b-c down will likely complete the pattern and provide a long opportunity

Where Are Treasury Yields Headed?

10-year Treasury yields are forming a multi-year triangle pattern.

Once wave E of the triangle completes, likely in Q1 2027, 10-year yields should break out to new highs, marking the final thrust from the triangle.