As of June 8, 2026, the S&P 500 is near highs, and the Aggregate Signal Model is positive at 0.65.
That matters. The move is not running on price alone.
A rollover in the model would be the warning. Until then, the trend has internal confirmation.
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Payroll beats above 87k have a gold aftershock.
Gold was positive 79% of the time six months later after similar beats.
Bonds took the release-day hit. Gold showed up later.
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Gold was part of the liquidation.
The metal is now down 24% from its high. Since 1980, similar drawdowns showed a 70% one-month win rate, but only 30% were higher a year later.
Relief was not repair.
Both wholesale and consumer inflation just moved outside their normal ranges.
Since 1922, the S&P 500 rose only 36% of the time during these periods.
A dollar invested only during these periods since 1922 lost 90.8%.
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Gold miners have been taken out back.
Gold is more than 24% below its three-year high.
99% of GDX miners are in bear markets.
After similar stress since 1993, gold's median return was flat to negative.
The same setup preceded 50% crashes and 50% rallies.
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Similar setups have leaned higher over time.
When VIX was above 20, its own volatility crossed 120, and SPX was near 52-week highs, 8 of 11 signals were positive across most forward horizons.
The path still got messy.
$VIX pushing over 20 suggests further downside for $SPY. Short-term pullbacks in Oct/Nov 2025 saw a similar move, but $SPX held short-term support. What level does $SPX need to break below to invalidate this as an appropriate analog?
VIX vol spikes near highs cut both ways.
In the tight 11-signal sample, 6 of 11 saw a 5% loss within six months.
A rebound edge can still come with a rough path.
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Bonds had a rough day after the jobs report.
When payrolls topped estimates by more than 87k, 10-year Treasury futures rose only 22% of the time.
Median same-day return was a loss of 0.43%.
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Record put volume is another version of the same message: fear showed up fast.
After similar 1-day VIX spikes, the S&P 500 was higher 77% of the time one month later and 93% one year later.
That was a panic day.
The VIX jumped 39.7% on June 5.
Since the 1990s, a 252 trading day hold after similar spikes produced 12 trades. 11 were positive. 1 was negative.
Average win was 12.6%. Average loss was 1.4%. Nine to one.
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VIX just broke above 20. VVIX hit a multi-month high.
After similar spikes, the S&P 500 was higher 72% of the time 3 months later.
Median gain over the next year was 12.3%.
The worst 6-month drawdown was 15.1%.
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Healthcare participation just crawled out of a monthlong washout.
On June 4, average participation among S&P 500 healthcare stocks moved back above 30% after at least a month below it.
The prior 13 signals were 13 for 13 one year later. Median $XLV gain was 11.89%.
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The 94-day streak without a 2% decline ended Friday.
Risk appetite fell by more than 25% in just three sessions.
Historically, that has been a warning sign for S&P 500 performance over the following month.
That was fast.
Risk appetite dropped more than 25% in 3 trading sessions.
After similar breaks, the S&P 500's average 1-month loss was more than 3 times its average gain.
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Gold miners had a monster run. Now the funny part.
$GDX rallied over 340% from February 2024 into March 2026, then fell 27% and is testing its 200-day.
A copper/gold extreme just triggered for HUI.
Prior signals had 0% win rates after 2 weeks and 6 months.
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