Risk at a medium-term high

Yet more signs that riskier assets are peaking around current levels. Nasdaq (on the chart below) and SP500 both made new highs against substantial negative divergences on 4 hourly charts. I will be seeking to establish the remaining two-fifths of the intended short position sometime this week.

Also, it appears that government bonds in Europe and US have bottomed, and are on their way to lower yields/higher prices.

Here, on the 4 hourly chart of the Japanese TOPIX, a clear five wave impulse higher is coming close to its end.