The S&P 500 is off about -11% from the high of early 2022. So, the question, where are we in the market cycle, we are late cycle, prior to entering a recession. The timing is uncertain, do we get one more rally prior to the recession is the question. The S&P 500 held the 200-day in early October and that is where we took off our hedge in anticipation of a 4th quarter rally, as the 10-Year seemed to be holding below 5%.

‍

‍