Theo Brandt

• Index highs made while fewer members hold above their averages mark thinning leadership — fragile, though not immediately fatal.
• A strengthening dollar tightens global conditions: a headwind for metals, commodities and emerging assets. Direction matters more than level.
• Rising real yields raise the bar for non-yielding assets; gold's standing enemy is the real rate, not the headline rate.
• Known limitation: breadth divergences run long before mattering; using them as timing rather than context is my school's classic error.

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