SPX on upper valuation band in a rising yield environment.

The top chart shows the US 10 Year government bond yield. We are currently in a rising yield environment.
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The bottom chart shows that the SPX is at the upper channel and there is a risk of a significant drop in SPX in the coming years.

The middle chart shows the ratio of Gold/SPX. Gold has been underperforming but there are 5 to 10 year periods of gold outperformance over SPX.
Trend Analysis

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