This has been obvious since January…but Teck now has the 40 wkma X the 100 wkma!

Teck is official bear now.

Clearly the 12 wkma told you at the beginning of every year if it was a RISK on or off year….

Best indicators for Risk off/on:

1. VIX line 40wkma (represents +- SPY pressure, slope also)
2. M1 YoY
3. TECK at start of year and trend/slope.
4. OEX
5. When risk off, 2y Treasury.

If you look at end of 2022, I called for rise in 2023 of spy +15%….

Teck was clearly ON in 2022 with big rally by April while SPY was crashing…

Good risk on-off chart…..