The two risk off springs: TLT:SPY and TLT:$WTIC have been rewound (both show risk-on for now).  They are ready for rebound so this is good news for September and 2018. The risk-off charts usually X in July-Aug. They need to X 1-2 months before the risk off SPY short play.

Inflation is also back. The YoY gas price change (monthly dots) shows rising inflatio.  Hence, the Fed is hinting at more rate rises this year.

The longer view shows a similar chart in 2007! This implies more rate rises this year.

SPY was quite volatile in 2007 (3 dips). There were 2 big dips:

beginning Jul-end of Jul and

beg Oct-end of Oct.