The S&P 500 priced in euros has made a series of higher highs over the last 2 years but the strength of the move has weakened. The Relative Strength Index (RSI) on the top of the chart is making a series of lower highs despite the S&P continuing its uptrend. This suggests that the rally is losing steam and set for a decline (potentially sharp!).
I lowered the equity allocation in the Active Asset Allocator from 20% to 0% on 2nd March ahead of the market decline, putting us 2% ahead of the benchmark in Q1 2018.
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