Over the last three days, instability entered into the stock market as inflation is, for the time being, out of control. Central banks are far behind the curve and monetary policy can not stop inflation affecting the real economy. In this context, we have to expect volatility to increase as it is already the case in various bond markets all around the world. The bad performances of macro hedge funds since the beginning of the year is a mirror of this situation. The stock market is still overbought as measured by various indicators. The sentiment surveys among market participants paint a picture of excess optimism, according to our opinion, at this stage of the market.  

Very short term oscillator	Negative -
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Down ​​
Trend mid term (8 days)	Up ​​
Differential of trends	Up ​​
Risk profile	81 (scale of 1 (low risk) to 100 (high risk))