Over the past six months our Long Term composite has risen from 27% to 58%, with the trough in February at around 22%.
The re-rating was led by two signals:
1) the volatility-adjusted Mayer Multiple, which recovered from near the bottom of its range to the 82nd percentile,
2) aggregated SOPR, which rose from the 16th to the 59th percentile.
Momentum indicator slightly overheated, however the profitability of spent-output has room to run.
Broadly risk on. Holding above $2.5k (200w MA, rejected 4 times in 2 weeks) confirms it.