The stagnation trend near the all-time high of the S&P 500 has historically been associated with the prelude to a liquidity withdrawal; the inversion recovery of long-term U.S. Treasury yields is slower than expected.

Last week, based on a cyclical model, the SPY short position and TLT long position we built are still underwater, and it’s once again a test of patience and discipline.
Cycles never skip a beat, only sometimes arrive late; retail investors tend to do linear extrapolation, while we often have to endure temporary headwinds and self-doubt on the left side.
Just finished reading a few old manuscripts about the stagflation cycle of the 1970s, and I feel a sense of relief.
Let the market go as it will; the cards are still in our hands.