Net Liquidity and Global M2 Update:

US Net Liquidity (upper chart) tried and failed to break out of its two-year range and has recently turned lower.

OPINION #1: Ongoing bullcrabby implications (sideways chop around local highs) in the near-term for US small and mid-cap equities.

Global M2 (approximate; lower chart) continues to trend sideways near the upper end of resistance within its three-year channel.

OPINION #2: Until this trend changes, I expect continued choppy sideways ("crabby") price action of worldwide assets near local highs. 🦀These may include: #bitcoin, #gold, FAANG+ stocks, and $QQQ, among others.

OPINION #3: Continue to respect the bullcrab environment. In other words, lean bullish... but not overly bullish... and definitely not bearish.

(Not individual investment advice! For infotainment purposes only!)