As a follow up to yesterday's Ponzo Updates here are the outlooks for TLT and XLU.
Unfortunately, they are in sync with the weakness indicated by the SPY and VIX models.
At this point the outlook is extremely ominous for the bulls.
We may in fact blow through this potential inflection point and get some low volatility consolidation for a bit more time but strictly from a risk modeling viewpoint the trend is down.